I'm not sure the risk/reward justifies the trade but, based on technical analysis, the NASDAQ listed TLT ETF should put in a bounce here. I consider GGOV to be a reasonable proxy for TLT.
RSI on the weekly indicates oversold. It might be worth waiting for confirmation of a bottom but TLT doesn't generally put in long basing patterns. Volume over the past couple of months indicates that the capitulation might have already occurred. The surge in selling seemed to be well absorbed over the past two weeks. It looks like there is enough demand stepping in down here, but maybe I'm too early.
I don't expect a huge amount of upside though and I expect the 200 day moving average may act as resistance.
Bloody commsec blocked my international share trading account because they changed brokers in the USA and we had to resubmit the freaking confusing and complicated US tax forms. Commsec's international share trading help desk was inundated with support requests and I only just got my tax form lodged and account unblocked yesterday so in the mean time I bought GGOV on the ASX instead of TLT on NASDAQ. I will likely top up my position.
