TLT 20-yr Bond ETF Setting Up Bullishly

TLT

TLT

The TLT 20-year Bond ETF chart looks very constructive here. The October low is shaping up to be the head of an inverse head and shoulders pattern and a test of a wide, upward sloping channel. The chart has been consistently honoring the Fibonacci support and resistance levels from the June 2017 high to the October 2018 low. Furthermore, TLT broke out from a downward trendline from that same high and successfully retested it before gapping up above the 38.2% Fib retracement resistance line. With RSI being twice recently overbought and not oversold, there is a lot to like about this chart. Over the longer term, TLT could see new highs up in the 158 range. I am bullish.

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 Coeur D'Alene, Idaho, with my wife and five children, where I spend my time hiking, charting, and changing diapers.
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