December 30-Year U.S. Treasury Bonds rallied on Monday while taking out a pair of major tops at 141’30 and 142’04. The market is trading inside a major
December 30-Year U.S. Treasury Bonds rallied on Monday while taking out a pair of major tops at 141’30 and 142’04.
Daily December 30-Year U.S. Treasury Bonds
The market is trading inside a major uptrending channel. The upper level of the channel at 143’29 is the next likely target. The lower end is the support at 141’27.
Trading back under the former tops at 142’04 and 141’30 will indicate selling pressure. A break under the uptrending angle at 141’27 will mean a short-term top has formed.
The daily chart indicates there is plenty of room to the downside if 141’27 fails. The first potential target is the late August top at 140’16, followed by a pair of uptrending angles at 140’03 and 139’21.
The tone of the market today is likely to be determined by how investors react to the uptrending support angle at 141’27.
James Hyerczyk is a U.S. based seasoned technical analyst and educator with over 40 years of experience in market analysis and trading, specializing in chart patterns and price movement. He is the author of two books on technical analysis and has a background in both futures and stock markets.
