The High Yield Corporate Bonds ETF (HYG) is at an interesting juncture.
There are, potentially, two uptrend lines that one could apply to form a large long-term triangle pattern on the following monthly chart. In turn, two possible triangles and two apexes emerge.
Price has been bouncing in between both apexes (and upper edge of this triangle) since February of this year. Attempts to fully break out and move higher have failed repeatedly since then.(more…)