HYG Facing Possible Resistance on Daily and Weekly Charts (Updated 10/8/15)

Update (10/8/15):
HYG broke above possible resistance on the daily chart discussed below.  HYG is now approaching steep falling resistance as shown below (solid blue line).

click chart to enlarge

Original Post (10/7/15):
Corporate High Yield Bond ETF, HYG, has rallied off support on the daily closing price chart below, and is now facing a former support line, which is now possible resistance.

click chart to enlarge

Similarly on the weekly closing price chart below, HYG is also facing possible resistance posed by former support lines that were recently broken.

click chart to enlarge

All this at the same time crude oil spot prices are facing resistance on both daily and weekly charts.  Could oil and corporate high yield prices fall further after testing/confirming resistance or will they breakout and continue to rally?  We shall see. 

Please remember that this is not investment advice. You alone are responsible for your investment decisions. See disclaimers below and elsewhere on this website.

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 (long or short) in corporate high yield bond funds at the time this article was written. This position may change depending on future price action.

Base Chart Provided Courtesy of StockCharts.com.  Analysis and Annotation by JunkBond Recycling.com (all rights reserved)