TLT has a weekly closed above the neckline of a double bottom
TLT has recently had a weekly close above the neckline level of 123.14, formed by a 6-month+ double bottom pattern, for a the second time.
The first time it broke the 123.14 level was in April 12th, but failed to make a huge break to the upside after a moderate rally to 124.83.
Therefore, it is possible to do a long trade, small side portion from this current price level of 123.14, with a closed stop right at the closest low of 122.37 of the last trading day.
If the market latter break above the last resistance level of 124.83, the price action has clearer bullish signal, then there is a chance to add to the trade for more upside exposure.
The first time it broke the 123.14 level was in April 12th, but failed to make a huge break to the upside after a moderate rally to 124.83.
Therefore, it is possible to do a long trade, small side portion from this current price level of 123.14, with a closed stop right at the closest low of 122.37 of the last trading day.
If the market latter break above the last resistance level of 124.83, the price action has clearer bullish signal, then there is a chance to add to the trade for more upside exposure.