Is Corporate High Yield Bond HYG ETF (HYG) Looking To Test Rising Channel Support Again?

Based on the chart analysis below (weekly closing prices), HYG is still in a long-term rising channel pattern on a weekly closing price chart.  Stiff overhead resistance (dashed red line) appears to be guiding HYG down towards channel support (solid green line). 

Will HYG test this line again?  Of course, only time will tell.  

We have been on the sidelines since early June 2015 (link: when pennant pattern support broke) watching corporate high yield bond funds decline in price and will continue patiently waiting for an opportunity to enter a position using a buy and protect strategy.  

Click Chart to Enlarge

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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. This position may change depending on future price action.