TBT- a bearish treasury ETF LONG
TBT on the 30 minute time frame shows a trend up in an ascending parallel
channel now at the bottom of the channel where it could go up or breakdown
and go under the channel. The ZL MACD suggests some bullish divergence while
the dual TF RS indicator and the ADX oscillator are non-commital.
The immediate recent short term volume profile with a POC line above price
suggests a lot of trading above price and likely short sellers. A longer time
interval volume profile shows the POC line more than $1.00 below current price.
Price could easily gravitate in the direction of that price magnet.
Overall, I see a bias for a bearish move and will watch this to confirm. i will play
this with put options to leverge the amplitude of the move albeit at higher
risk.
channel now at the bottom of the channel where it could go up or breakdown
and go under the channel. The ZL MACD suggests some bullish divergence while
the dual TF RS indicator and the ADX oscillator are non-commital.
The immediate recent short term volume profile with a POC line above price
suggests a lot of trading above price and likely short sellers. A longer time
interval volume profile shows the POC line more than $1.00 below current price.
Price could easily gravitate in the direction of that price magnet.
Overall, I see a bias for a bearish move and will watch this to confirm. i will play
this with put options to leverge the amplitude of the move albeit at higher
risk.
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