Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed and emerging markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features a breakout opportunity on the ISHARES 20+ YEAR TREASURY BOND ETF (TLT) listed on the Nasdaq Stock Exchange.
ISHARES 20+ YEAR TREASURY BOND ETF (TLT [1])
The iShares 20+ Year Treasury Bond ETF rebounded from the strong support at 116.6 levels. The ETF formed a possible 16 month-long H&S bearish continuation chart pattern. The highest level of the right shoulder at 122.3 levels will act as a chart pattern negation level for the 16 month-long bearish H&S continuation. A breakout above 122.3 levels can put the bearish interpretation in question and suggest higher levels for long-term bond prices. A breakdown below 116.6 levels will complete the 16 month-long bearish H&S continuation and the multi-year long H&S top. Long-term bonds are at a critical junction.
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