IEF with bullish momentum

Since early August, IEF – the iShares 7-10 Year Bond ETF – has been trading in a narrow range defined by the lower level at about 113 and the upper level and roughly 113.85.

Before this consolidation phase, IEF moved in a strong bullish trend along the upper Bollinger Band.

Furthermore, IEF’s 10- 20- and 50- day exponential moving averages are all trending up in a strong trend.

Price has now reached a critical point as it has touched its 10-day exponential moving average. Last session’s big bullish candlestick may be the first reaction of the bulls, and an indication that they want to push price up again.

MACD has been moving in a positive territory since the beginning of August, and has just touched its signal line as momentum got weaker.

IEF’s Relative Strength, on the other hand, has crossed above its 20-day exponential moving average since the end of July and is moving above it ever since.

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