Chartbook: US Chart 10 Year Yield: Consolidating - background studies leaning lower

Little change, as prices extend anticipated consolidation above congestion support at 4.000%.

Monthly studies continues to track lower, highlighting room for a break and a test of critical support at the 3.670% Fibonacci retracement and the 3.599% year low of September 2024.

Already oversold weekly studies could limit any initial tests of this range in fresh consolidation.

But the bearish monthly studies and deteriorating longer-term readings highlight room for still deeper losses into the coming months.

A later close beneath here will turn sentiment outright negative and confirm a near-term top in place at the 5.021% multi-year high of October 2023. A deeper correction of the 2020-2023 rally will then open up support at the 3.230% Fibonacci retracement and the 3.250% year high of October 2018.

Meanwhile, resistance is up to congestion around 4.500%.

Negative weekly stochastics and the bearish weekly Tension Indicator are expected to limit any bounce from current levels in renewed selling interest towards here.

A break, if seen, will help to stabilise price action and prompt consolidation beneath strong resistance at the 4.809% current year high of 14 January.

Critical resistance is at congestion around 5.000% and the 5.02% year high of October 2023.

A close above here is needed to turn sentiment positive and confirm continuation of the March 2020 bull trend.