Corporate High Yield Bond ETF HYG had a huge rally today leaving its price at the underside of three former support lines that were recently broken, as shown on the daily chart below.
Will HYG be able to regain these support lines? Or was this a counter-trend rally to alleviate oversold conditions and test these former support lines as resistance, leading to lower prices going forward?
We shall see . . .
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| Click Chart to Enlarge |
Not Investment Advice | Important Disclaimer:
The content in this article, including the identification and discussion of any specific security (e.g., bond fund), is NOT meant to be and should NOT be construed and/or used as investment advice. This article is for general information and educational purposes only. Please read the Disclaimers for junkbondrecycling.com in their entirety. The U.S. Securities and Exchange Commission website has guidance on selecting an investment adviser.
Financial Disclosure:
The author/publisher has no position in corporate high yield bond funds at the time this article was written.
Financial Disclosure:
The author/publisher has no position in corporate high yield bond funds at the time this article was written.
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