US 10YR FUTURE TECHS: (H5) Maintains A Softer Tone

• On the commodity front, recent gains in Gold appear corrective - for now. However, the yellow metal is holding on to the bulk of last week’s gains and scope is seen for a continuation higher near-term. A stronger recovery would open $2726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2642.9, the 50-day EMA.
• In the oil space, the trend structure in WTI futures remains bullish and the contract traded higher again, Monday. The stronger reversal to the upside has resulted in a breach of key short-term resistance at $76.41, the Oct 8 high. Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $72.69. This average is seen as a key short-term support.

SFIZ5 96.35/97.00cs x3 vs 95.60p x1, bought the cs for -2 (receive) in 4.4k.

• RES 4: 111-20+ High 6 and the bull trigger 
• RES 3: 110-25   High Dec 12   
• RES 2: 109-24+ 50-day EMA  
• RES 1: 108-21+/109-06 20-day EMA / High Dec 31 
• PRICE:‌‌ 107-10+ @ 11:22 GMT Jan 14
• SUP 1: 107-06   Low Jan 13   
• SUP 2: 107-04   Low Apr 25 ‘24 and a key support  
• SUP 3: 107-00   Round number support
• SUP 4: 106-11   2.00 proj of the Oct 1 - 14 - 16 price swing  

The trend condition in Treasury futures is unchanged and remains bearish. Monday’s bearish start to the week, has once again, confirmed a resumption of the downtrend. Sights are on 107-04 next, a Fibonacci projection. Note too that moving average studies remain in a bear-mode position highlighting a dominant downtrend. Key short-term resistance is seen at 108-21+, the 20-day EMA.