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TFC Commodity Trading Forum

TBonds/ Bouncing off Major Support *PIC*

TBonds broke out above 136 in Aug/11 and rallied to major price resistance of 146 multiple times in 2011 and then dropped back to solid support at 136 last March. Price rallied back and broke out above this major resistance level of 146 last May and rallied to over 153. Price pulled back to this breakout point of 146 which is now major support in August and again in September and just tested this support level again Friday. This is also the 18 month uptrendline support. Technically this level of 146 is major support for both reasons. Only a solid break below 146 that holds below would suggest a reversal in this long term uptrend.