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TLT Upside Not Over

|Includes: iShares 20+ Year Treasury Bond ETF (TLT)

TLT Trade

Let's take a look at the chart:

TLT (top) and TLT Apr 115P on a daily chart. (source: Tradestation Securities)

I want to emphasize several points:

  1. TLT support was briefly breached but prices are coming back into support ( failed breakout)
  2. TLT Apr 115 put downtrend was not breached - confirming this was not a "real" breakout
  3. Such "failed" breakouts are usually good inflection points

TLT Trade

Buy 115.45

Stop 114.74 ( yesterday's lows)

Target 120 -123 ( above last week's highs)

Disclosure: I am long TLT.