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Chart of the Day: $HYG under pressure

Penjualan
iShares iBoxx $ High Yield Corporate Bond ETF (AMEX:HYG)  
WellTrainedMonkey  
AMEX:HYG   iShares iBoxx $ High Yield Corporate Bond ETF
Technical Indicators Chart Patterns Trend Analysis HYG creditspread credit neckline downtrend Oil shale
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indicator chartpattern trendanalysis hyg creditspread credit neckline downtrend oil shale
$85.50 is the key neckline support for $HYG as it bounces off the top boundary of wedge pattern. The neckline can be seen with multiple previous SSR levels. The downward bias is reinforced by the current SSR level for which price action is firmly pinned under.

With an earnings recession in progress and oil demand in question, it is inevitable to see some stress emerging in the junk bond segment which has a fairly high representation of US shale players.
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