A Look at the $TLT Chart

iShares Barclays 20+ Yr Treasury Bong ETF Remains in Long Term Uptrend

The primary, long term trend in the iShares 20+ Year Treasury Bond (TLT) remains up. Channel support held at the December lows and has since rebounded strongly on expectations for lower rates (Fed Funds Futures are pricing in an 80% probability of a rate cuts by December 2019). This is bullish for bond prices.

In the short term, prices are rising in a steep ascending triangle, which should fail between $128.50-$130 in the near term, right at the 61.8% Fibonacci retracement of the recent high-low cycle. The divergence in the Relative Strength Index (RSI) supports this view.

Long term, it is very possible prices could balloon to $157 at the top of this channel at the 161.8% Fibonacci extension.

About the author

I am the founder of fibonacci.com and an avid trader. I am also the co-founder of Texas Precious Metals, a top US precious metals company. In 2006 I was a contestant on The Apprentice with future president, Donald Trump. I live in Texas with my wife and five children, where I spend my time dodging snakes, changing diapers, and charting.

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