TNX Rising to meet resistance

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.

 

 

February 21st, 2012

TNX has risen from the rising support line at 18.00 where it made a 3rd test of the falling trendline from early December 2011. We now have a wedge pattern forming and TNX pattern looks likely to make a 4th attempt at the topline of the wedge at 20.70. Price is above 2% and the 100dma so failure at 20.7 may offer us a short entry with an initial target of 20.00. Alternatively a break above above 20.75 could trigger a long trade with a target of 21.50. Further out any further fall in TLT and a break over 20.75 could be the beginning of a upleg which I would target initially to 22.50

TNX Rising to meet resistance

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