Charts: Bears Set to Control 10-Year Note Futures

The bears could be set to take control of U.S. 10-year Treasury Note futures as the price could be on the verge of a sharp decline to 103-20/32, Mark Sturdy, technical analyst and director of Seven Days Ahead, told CNBC.com Thursday.

"Today might be the moment at which the rally ends from last week and we begin to refocus on the possibilities of completing this large top. Traders should be aware the level there to watch on a weekly level is 114," Sturdy said.

A fall below 114 would confirm that the market has made three tops above 120 and that a long-term top is beginning to be put in place, Sturdy said while taking a technical look at the March 10-Year Treasury note futures chart.

"That's what the bond bears are looking for both in the medium and the long-term," he said.

The March 10-year Treasury Note futures contract closed at 116-100/256 on Wednesday.

If the 10-Year futures fell below the 114 level and completed the bearish pattern, the price could fall toward 103-20/32, Sturdy said.

A fall toward 103-20/32 would hit the recent low from 2007, Sturdy pointed out.

- Watch the full interview with Mark Sturdy above.