US Treasuries: Long Term Chart, No Hopes For Bulls
Igor Rakhmanov | Jan 06, 2014 12:40AM ET
I post the long horizon 2.5x2 P&F chart of the 20-year Treasury Bond ETF (TLT) as a proxy for US Treasuries.
In February 2013 TLT broke down through the Bullish Support line and long-term support at 115 reversing its multi-year uptrend. The fulcrum top established several bearish horizontal counts. The price objective of 105 coincided with the 102.5-105 support area and was reached in July 2013. TLT has been trading in the 102.5-107.5 range since then and a breakdown through the 102.5 support level would open a way to the next price target of 95. Frankly speaking the TLT chart leaves no hopes for bulls currently. Even the rise to 112.5 would be considered as a bear market rally within the bigger downtrend.
Disclaimer: I express only my personal opinion on the market and do not provide any trading or financial advice (see Disclaimer on my site).
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