HYG: Two Support Breaks - Next Support at About $76 (daily chart)?

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The daily chart above shows that corporate high yield bond ETF, HYG, has recently broken below two support lines (solid blue) before rallying at bit. 

It is possible that HYG could rally and re-gain one or both of the support lines, test one or the other support line as resistance before continuing down, or simply continue its price decline from here.

If HYG continues to decline, the next support line appears to be at about $76/share level (dashed blue).

Also of note, HYG remains below RSI = 50 (14-day period) and has not had a sustained rally above its 50-day ema in quite some time.

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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)