Bullish Divergence + Pinbar in TLT
Updated
I'll start with the weekly RSI bullish divergence off the 2022 and 2023 yearly lows. In addition to that, there is also a nice bullish pinbar on the 4M chart. This also hints to a possible bottom/bullish reversal. Price is now pushing against the trendline resistance (from Mar 23' to Jul 24'). Once price is able to break and hold this area it could really start moving. There is some overhead resistance that the market will need to overcome and I expect plenty of volatility, so safest play may be to have a stop just below the 23' lows and then stay hands off and give it room to run.
Note
Forgot to mention, my preferred target area is around 128 which I get to by extending out the 2020-2022 head and shoulder neckline.
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