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August 28 Chart of the Day - iShares TLT

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The iShares 20+ Year Treasury Bond ETF  (TLT) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities greater than twenty years.

TLT and its related securities have been making recent headlines as their trading prices have reached price levels not seen this low in over a decade.

So where could TLT price be going?  We wanted to take a look...

On the monthly support and resistance chart if price wants to continue lower then the next level could be in the $90 area.

Looking at the weekly chart and adding bearish Fibonacci appropriate to use in trending markets then mathematically the $80 area is in play.

But we all know price doesn't travel in a straight line.  Price continuously cycles. It cycles up and it cycles down.  And that's about he only thing guaranteed in the markets.

If price gets a respite from its downward move then the next level up could be in the  $98-$100 zone.  Price is trading at $95.26 at the time of this writing.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

Take a look at the charts and let us know what you think.  

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