December 31, 2009
Shares of the ETF Ishares Lehman 20 Year (NYSE: TLT) have been declining since reaching the $100 level back in October. They are closing in on a very strong support level.
The $88.00 level has held as support for TLT since early 2008. In June 2008 TLT tested this level and then reversed to the upside, launching a powerful rally.
Again in June 2009 the $88.00 level held as TLT ended a steep decline from over $120.00 a share.
Now TLT is again moving lower and reached the $89.20 level before moving higher on December 29 and 30.
TLT could be ready to launch a long term advance from its current level as long as the $88.00 support level holds.
Disclosure: The Fibtimer.com (www.fibtimer.com) ETF Timing Strategy holds a position in TLT.