Trade Idea: Short TLT with a Target of 121.00, Stop 121.56

About Mike Higgs

Mike Higgs is an independent trader based out of the United Kingom. He uses technical analysis to find opportunities across multiple asset classes.

 

 

January 17th, 2012

TLT has twice found support at 117.78 and has also filled the gap down from 121.00. We have a rising trendline from 11th Jan which is likely to provide support to any pullback which is also likely to come in at the 121.00 area. Overhead resistance at 121.50 has up until this point constrained any upside and may continue to hold price.

Our high probability trade is a short with a target of 121.00 with a stop at 121.56. A break above 121.66 would argue that TLT has more upside to come.

TLT Hourly Chart

TLT Chart Analysis

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