Shares of iShares Barclays 20+ Yr Treasury ETF (NYSE: TLT) have reached historical highs and are due for a reversal.
In fact, that reversal may have already started.
TLT reached an historical high of $125.03 back on October 4, 2011. It was an intra-day high not a closing high. The ETF went into a tailspin after, dropping 12% to the $110.00 level in a few weeks.
We are looking at the same situation now, with TLT running up to $124.44 intra-day last week and after three days at this level; TLT gapped down at the open on Tuesday, May 22 and will close lower, near $122.00.
The odds of a decline back to $110.00 are not likely, but a drop to the $116.00 to $117.00 level appears to be probable and an emotional trade lower possible.
A short trade at current levels with a buy stop at just above $125.00 would make a low risk trade.
Disclosure: We do not currently hold a position in TLT
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Correction Ahead For iShares Barclays 20+ Year Treasury ETF
Published 05/23/2012, 01:48 AM
Updated 07/09/2023, 06:31 AM
Correction Ahead For iShares Barclays 20+ Year Treasury ETF
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