TLT possible support and bullish setup
TLT had a nice reversal double bottom at the $93 area.
It then started a nice uptrend to about $110. I marked this on the chart as the first leg of the trend based Fib tool.
TLT then pulled back and found support at $100, this is the second leg of the trend based Fib on the chart.
After that TLT tested the $110 area two more times which coincided with the .618 level on the Fib trend.
Right now TLT is pulling back towards the Fib .382. This level is around $105.5 which also has several support touches.
It is likely that TLT will bounce back from here to test $110 again IMO. If not, the stop loss can be pretty tight under 105.5
If $110 breaks, the 1:1 extension is at around $115.
It then started a nice uptrend to about $110. I marked this on the chart as the first leg of the trend based Fib tool.
TLT then pulled back and found support at $100, this is the second leg of the trend based Fib on the chart.
After that TLT tested the $110 area two more times which coincided with the .618 level on the Fib trend.
Right now TLT is pulling back towards the Fib .382. This level is around $105.5 which also has several support touches.
It is likely that TLT will bounce back from here to test $110 again IMO. If not, the stop loss can be pretty tight under 105.5
If $110 breaks, the 1:1 extension is at around $115.
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