TLT ~ Have US Yields finally topped? (Weekly / Nov 2023)
TLT
chart mapping/analysis. Note: TradingView chart dividend adjusted.
- Price action bouncing off Golden Pocket (66% Fib) support
- Heavy trading volume = institutional activity (ie positioning?)
- Rejection wicks on previous weekly candles = selling pressure still present (correlation with long-end yields holding strength)
- Looking for re-test of lows + bounce to confirm double bottom support base established for bullish momentum.
- Inverse play = price action engulfs previous candle, completes gap partial-fill + taps overhead resistance aka descending trend-line (light blue dotted).
- Institutional short-squeezes could still be active - complimenting inverse play thesis.
- Failure to break above/below either trend-lines = price action continues to contract until eventually ripping in volatile fashion in either direction.
Set alerts - monitor US yields - wait for trade to set up in your favour.