U.S. T-Bonds Up Against Stiff Overhead Resistance

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Last week's upside price action did produce a bullish weekly high close, and also averted the potential for a double-top reversal pattern forming on the daily bar chart. There is some strong overhead chart resistance located at the September high of 113 11/32 in December T-Bonds. If the bulls can push and close prices above this level, then they would gain solid upside technical strength to suggest another leg up in prices in the near term, including a test of strong technical resistance at the 115 even area.

On the downside, near-term technical support is seen at 112 16/32 and then at 112 even. A close in December T-Bonds below last week's low of 111 13/32 would provide the bears with some fresh near-term downside technical momentum to suggest a retest of the late-October low of 109 27/32.

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