The ProShares UltraShort 20+ Year Treasury (NYSE:TBT) popped Thursday from Wednesday's pullback low at 30.22 to Thursday morning's high at 31.28, which we see as a new recovery high within a potentially larger-developing bottoming formation.
The next immediate target is in the vicinity of 32, which if hurdled and sustained, will point TBT to 32.80-33.
At this point, only a sudden downside reversal and decline that breaks 30.20/00 will compromise the developing constructive setup.
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