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By Scott Pluschau
www.scottpluschau.blogspot.com
In my last post on Treasury Bonds I noted the "Minor" resistance level it was approaching. The bonds bounced off this level at first, but when a support or resistance level gets tested it gets weakened. See right hand side daily chart below. This level should act as minor support for now and should be kept a close eye on in the near term. There was been no reason from my perspective to short bonds once they reached "Major" support and that was noted in a prior post.
One pattern that is noticeable is the "Double Bottom" on the weekly chart. See left hand side below. I prefer double bottoms that take place in a downward trend, but it is worth pointing out. The profit taking target off the double bottom pattern on the weekly chart has been noted.
For now the bulls deserve respect and bullish patterns and/or failed bearish patterns on a 30 minute chart are what I am looking for in order to "swing" trade as long as minor support continues to hold. There are some key reference areas to work with in order to sell. Perhaps a bearish "Triple Top" or "Head and Shoulders" may form, but I am only intuitively recognizing potential patterns in the big picture. There is nothing bearish from a probability perspective with my methodology to act on right now.
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(Click on chart to expand)
My last post on Treasury Bonds is here:
http://scottpluschau.blogspot.com/2012/08/treasury-bonds-approaching-minor.html
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Source: Key Reference Areas in Treasury Bonds:
