TLT- Are rate cuts postponed? LONG
TLT has been in a broadening wedge and formed a falling wedge within the larger pattern.
Price bounced off the lower supoort trendline in the mid-morning of trading then rising
to break out of the falling wedge. I see this as an opportunity to take a long trade in TLT
and close out a TBT position at the same time. This reversal may be due to the value of
existing bonds with the implications of a rate cut postponed beyond June. The faster RSI line
has recovered to cross the 50 level lending further support to this long trade.
Price bounced off the lower supoort trendline in the mid-morning of trading then rising
to break out of the falling wedge. I see this as an opportunity to take a long trade in TLT
and close out a TBT position at the same time. This reversal may be due to the value of
existing bonds with the implications of a rate cut postponed beyond June. The faster RSI line
has recovered to cross the 50 level lending further support to this long trade.
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3 minute chart zoomed
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Price sideways for now.
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Price moe up enough to raise the stop-loss to breakeven.
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