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10-Year US Treasury Price & Yield - Possible setting for reversal

|Includes: TLT
The NFP data on Friday caused a sharp turnaround in 10-Year UST's price and yield right at the 50-Week MA levels. The positive media signals about the exit from the recession seems to converge right now with the sharp upsurge in 10-year yiled to 3.48 however as seen on the chart it is still caught in the 3.25 - 3.66 range. My take is we have seen a solid support which survived a second test this week at 3.22 and yield is going to challenge 3.66-70 levels where I'd expect to see some struggle at the consolidation channel top.
 
The Weekly candle shaped as a huge White Marubozu which is also a Bullish Engulfing pattern, closing the gap from 2 weeks ago. The whole structure of this consolidation might well be called a Bullish Flag that implies, if broken to the upside around 3.73, a continuation with first target - the 200-Week MA at 4.09.
 
The 10-Year note's price in he same time has he same technical workings in the moment as it bounced off the Resistance trendline at 121.17 and closed the gap from the 2 weeks before. I'm looking for continuation of this move down below 118 where the longer term trendline from the Dec '08 Highs and the Support Trendline converge around 117.

More info and charts on:
http://constellation1976.blogspot.com/