Bond Trade Idea: GHY – Approaching Major Resistance Zone | Jan 16

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Bond Trade Idea: GHY – Good Yield, Waiting for Pullback (daily chart)

Price Action Context

The GHY (PGIM High Yield Fund) has been incredibly bullish since the start of 2019 with very few pullbacks and a recent breakout setup.

Currently the fund is approaching a major resistance zone between 15.20 – 15.50.

I’m looking to get long on a pullback to the 14.75 area for a long term yield/value play.

Trending Analysis

ST & MT bullish, LT needs to clear mid 15’s.

Key Support & Resistance Levels

R: 15.20, 15.50

S: 14.75, 14.25

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