US Bonds have been channeling in a perfect downward parallel channel since Mar 2022. It recently hit a key resistance level at $132 and started to pull back.
I expect the pull back to continue till $123 and expect a short term technical bounce up to $128.
Higher Fed interest rates will continue to have pressure on the Bonds and overall economy. I expect the bonds to go lower in 2023 and bottom out at $104.
$104 is also measure Fibonacci level 1 target.
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Picture perfect pullback to support line around 123-124 and then bounce to 129 hitting channel high resistance.. Need to wait if the chart breaks out of the channel or pulls back down again..