US 10 YEARS - W1 - HARAMI !
Last week price action triggered an "Harami" pattern, which is likely to trigger further sideways price action over the coming days !
Indeed, usually such kind of pattern, following a long black candle is normally bullish if the last candle is very small in comparison with the previous one, which is not the case now as
the last weekly candle is pretty "big" which confirm some uncertainty about further development !
In addition, after having tested an intraweek low of 1.34% the week before, the 10 years recover again slightly above the top of the weekly clouds support which might be seen as a positive (yield) price action but...
it is still below the Tenkan-Sen or Conversion line, currently @ 1.52 % and upcoming price action this week and more important its closing level will give more clues for the future.
Globally, the ongoing (yield) bearish downtrend is still in place and only a clear upside breakout of this downtrend channel top, currently @ 1.69%-1.70% would force to a view reassessment of the expected ongoing downside pressure
calling for lower yield towards the bottom of the clouds support zone around 1.15% - 1.10 % which also coincides with the ongoing former uptrend support line, currently around 1.12 % and which also was the former lows reached on July-August.
On a daily basis, watch the clouds resistance area and the Mid Bollinger band as a good barometer too a clear and sustainable breakout of those areas would be the first signal for further upside (yield).
Have nice trading week.
Ironman8848 & Jean-Pierre Burki
Indeed, usually such kind of pattern, following a long black candle is normally bullish if the last candle is very small in comparison with the previous one, which is not the case now as
the last weekly candle is pretty "big" which confirm some uncertainty about further development !
In addition, after having tested an intraweek low of 1.34% the week before, the 10 years recover again slightly above the top of the weekly clouds support which might be seen as a positive (yield) price action but...
it is still below the Tenkan-Sen or Conversion line, currently @ 1.52 % and upcoming price action this week and more important its closing level will give more clues for the future.
Globally, the ongoing (yield) bearish downtrend is still in place and only a clear upside breakout of this downtrend channel top, currently @ 1.69%-1.70% would force to a view reassessment of the expected ongoing downside pressure
calling for lower yield towards the bottom of the clouds support zone around 1.15% - 1.10 % which also coincides with the ongoing former uptrend support line, currently around 1.12 % and which also was the former lows reached on July-August.
On a daily basis, watch the clouds resistance area and the Mid Bollinger band as a good barometer too a clear and sustainable breakout of those areas would be the first signal for further upside (yield).
Have nice trading week.
Ironman8848 & Jean-Pierre Burki
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