Treasury Bond ETF $TLT Trade Idea
TLT is showing bullish momentum in its price action.We see here that today, we closed above the previous high. The price seems to be entering the bullish gap area, and if it does continue the upward movement it could close the gap and reach $93 fairly quickly. $93 is also a resistance level, and we cloud also see a pullback in price around there.
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TLT however breaks out above that $93 resistance, we could see it move up into the 2nd bullish gap above and to the diagonal resistance level at around $96-97. This resistance level has been tested numerous times as per the chart.If the price is to continue moving up, it is important for the next daily candle to close in the green box area or above it.
Key moving averages are sloping up, but the bullish MA crossover structure is not complete yet.
Oscillators are also showing overbought so must be careful in the short term once and if we hit $93 in the short term.
Hope this was helpful to the readers.
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