The 20+ Year Treasury Bond ETF (NASDAQ: TLT) is likely nearing a pullback.
The recent rally has reached our objective and upside is limited from here.
Further, our research tells us that the Treasury Bond ETF is now a “sell”.
$TLT achieved its MFU-5 price target Wednesday at $129.70.
The last time a major price target was hit (MFU-4 target which was hit in April), it produced a -3.4% decline.
Note that the price target resides at the upper resistance line of the rising channel. There is also a momentum divergence present.
$TLT 20+ Year Treasuries ETF Chart
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.