Crude (WTIC) and Corporate High Yield Bond ETF (HYG) Both Face Steep Short-term Resistance This Morning (daily chart)

As shown by the dashed blue lines on both daily charts below HYG and WTIC face steep short-term resistance. So far, it appears both are having trouble with these lines.  

It would seem to me that the first sign of a sustained rally would first require breaking through these lines.

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click chart to enlarge

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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.

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The author/publisher has no position (long or short) in corporate high yield bond funds or crude oil 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)