TLT is in a symmetrical triangle and formed triple top just below 200 days MA or as we call it BigRed. TLT or 20 years bond is losing momentum, especially after job reports on Friday which is an indication of still hotter inflation or better say probably an increase in the FED fund rate in near future. It moves from the bottom really nicely on speculation that FED will stop increasing of its fund rate but for how long.
Volume is more bearish than bullish as those red days are on increased volume.
It is below all major MA which is bearish.
RSI is in neutral territory.
MACD is more bearish than bullish as the MACD line cross below the signal line signaling a lack of momentum in price while histograms tick lower and lower.
Overall: TLT is in down spiral and is losing momentum which got from the idea that it is all over with rate hikes and that FED will pivot. However, after job reports and Powel statement, more FED fund rates increasing are in front of us, and it's becoming bearish.
It could/should find some support at the lower trend line but likely not for a long time. Next week we will have the CPI report which will move TLT on one side or another. With breaking below the trend line short position would be triggered.
From the bullish side, breaking above the trend line and BigRed buy signal would be triggered.
Volume is more bearish than bullish as those red days are on increased volume.
It is below all major MA which is bearish.
RSI is in neutral territory.
MACD is more bearish than bullish as the MACD line cross below the signal line signaling a lack of momentum in price while histograms tick lower and lower.
Overall: TLT is in down spiral and is losing momentum which got from the idea that it is all over with rate hikes and that FED will pivot. However, after job reports and Powel statement, more FED fund rates increasing are in front of us, and it's becoming bearish.
It could/should find some support at the lower trend line but likely not for a long time. Next week we will have the CPI report which will move TLT on one side or another. With breaking below the trend line short position would be triggered.
From the bullish side, breaking above the trend line and BigRed buy signal would be triggered.
Consistency is the key of success....