TLTs Pressuring Resistance
Mid-Day Minute for Fri June 25th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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The iShares 20+ Yr T-Bond ETF (NYSE: TLT) continues to trade in a high-level coil-type pattern that is putting increasing upward pressure on the 100.00 resistance plateau amidst deteriorating economic data, an uncertain business environment, and defensive equity markets.
Both the May-June price pattern and the underlying fundamentals argue for a climb to and above 100.00 in the upcoming days, which if sustained will trigger projected targets in the 107-100 target zone thereafter.
At this juncture only a decline that breaks 96.00 will neutralize the current bullish technical set-up.
