Last week’s push above the red line, a midpoint Hidden Pivot resistance at 85.91, is the most bullish price action we’ve seen in more than a month. It has given way so far to a shallow consolidation with the potential to push this symbol to the 86.51 target shown. It would also make a pullback to the green line (x=84.60) an appealing ‘mechanical’ buy. You could do so with a bid there and no stop-loss, since the textbook stop at 83.29 would probably be overkill. For now, use p2=87.21 as a minimum upside projection for the near term. Decisive progress above the pivot would shorten the odds of a further run-up to the 88.51 target.
$TLT – Lehman Bond ETF (Last:86.27)
