AMERICAS OIL: UPDATE: US Oil and Gas Rigs Up 2 on Week at 585: Baker Hughes

• Treasury futures gaining (TYM5 110-25.5 +6) after the $13B 20Y Bond auction reopen (912810UJ5) trades through: drawing 4.632% high yield vs. 4.646% WI; 2.78x bid-to-cover vs. 2.43x prior.
• Peripheral stats: indirect take-up rises to 68.84% vs. 63.0% prior; direct bidder take-up 22.35% from 19.5% prior; primary dealer take-up retreats to 8.81% vs. 17.5% prior.
• The next 10Y auction (re-open) is tentatively scheduled for April 16.

• US TSY 19Y-11M BOND AUCTION: HIGH YLD 4.632%; ALLOT 97.34%
• US TSY 19Y-11M BOND AUCTION: DEALERS TAKE 8.81% OF COMPETITIVES
• US TSY 19Y-11M BOND AUCTION: DIRECTS TAKE 22.35% OF COMPETITIVES
• US TSY 19Y-11M BOND AUCTION: INDIRECTS TAKE 68.84% OF COMPETITIVES
• US TSY 19Y-11M BOND AUCTION: BID/COV 2.78

• RES 4: 113-02   2.0% 10-dma envelope 
• RES 3: 112-13   1.500 proj of the Jan 13 - Feb 7 - Feb 12 price swing
• RES 2: 112-01/02 High Mar 4 / 1.382 proj of Jan 13-Feb 7-12 swing
• RES 1: 111-25   High Mar 11  
• PRICE:‌‌ 110-23 @ 16:56 GMT Mar 18 
• SUP 1: 110-14+/14 20-day EMA / Low Mar 18
• SUP 2: 110-12+/00 Low Mar 6 & 13 / High Feb 7 and 50-day EMA
• SUP 3: 109-13+ Low Feb 24
• SUP 4: 108-21   Low Feb 19 

The trend condition in Treasury futures is unchanged, a bull cycle remains in play and the current consolidation marks a pause in the uptrend. A bull theme is reinforced by MA studies that are in a bull-mode condition, highlighting a dominant uptrend. Recent gains have resulted in a print above 111-22+, the Dec 3 ‘24 high. A clear breach of this level would open 112-02 and 112-13, Fibonacci projections. Firm support is 110-00, the Feb 7 high. The 20-day EMA was tested Tuesday, but prices firmly bounced off support.