Even as bond yields plumb record lows, there's still big money to be made in the market, according to Evercore ISI technical analyst Rich Ross.
Ten-year and 30-yield Treasury notes have surged as yields on both have hit all-time lows this week, thanks to continued global growth concerns, central bank stimulus and further uncertainty over the U.K.'s vote to leave the European Union.
Looking at the iShares 20+ Year Treasury ETF tracking long-term Treasury bonds, Ross said Wednesday on CNBC's Trading Nation that the chart has made a "cup-and-handle," which tends to be "a continuation pattern in the direction from which the trend has started."
This formation will lead to a breakout of the TLT, said Ross, as the downtrend in price has been reversed in recent months.
The TLT ETF dipped midday Wednesday, as the Federal Reserve released minutes of its last Federal Open Market Committee meeting, and rose slightly before closing at $142.56. This is substantially above a recent low of $132.23 it hit on June 23 preceding the British referendum.
The bond price will break out above the neckline of the shown pattern, said Ross.
Translation: Bond bulls should let this rally continue to steep.