TNOTE10Y pushes through Wednesday's high
U.S. 10-Year T-Note (TNOTE10Y) Technical Analysis Report for Jan 23, 2020 | by Techniquant Editorial Team
TNOTE10Y finished Thursday at 129.828 gaining $0.297 (0.23%). Today's close at 129.828 marks the highest recorded closing price since December 3, 2019. Closing above Wednesday's high at 129.625, 10Y T-Note confirmed its breakout through the previous session high after trading up to $0.406 above it intraday.
Daily Candlestick Chart (TNOTE10Y as at Jan 23, 2020):
Thursday's trading range has been $0.484 (0.37%), that's slightly above the last trading month's daily average range of $0.453. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TNOTE10Y.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close above the 100-day moving average at 129.584 for the first time since November 1, 2019. When this moving average was crossed above the last time on October 31, 2019, TNOTE10Y actually lost -0.13% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
With prices trading close to this year's high at 130.188, upside momentum could speed up should the contract be able to break out to new highs for the year.
With four out of the other four Bond Markets closing higher today, the ones that stand out on the positive side are TBOND gaining 0.51% and BUND closing 0.31% higher. None of the markets ended the day in the red. Read more