U.S. T-Bond Bulls Gaining Technical Strength
September U.S. Treasury Bond futures on Friday hit a fresh six-week high of 108 22/32. Price action early this week has matched last Friday's high, but has so far been unable to push above that near-term technical resistance level. The bulls have gained upside technical momentum recently to suggest that a near-term market low is in place and that prices can continue to trend higher in the near term.
See on the daily bar chart that September T-Bonds are in an uptrending channel. The next upside price objective for the bulls is to push and closed September T-Bonds above solid chart resistance at 109 even.
The bears would regain some fresh downside technical momentum by pushing prices below strong technical trendline support at the 107 16/32 level, basis September futures. Stay tuned!
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