Investors hunting for yield could soon find some breathing room in bonds, as one technician says that Treasury rates could be set to rise.
Bond yields have been on a general downtrend for decades, leaving traders strapped in their search for high-yielding investments. But Rich Ross, technician of Evercore ISI, sees change on the way.
On his short-term chart of the 10-year Treasury note yield, Ross points out there has recently been a breakout from a consolidation pattern formed during the summer. Ross' chart also shows the recent breakout hovering close to the 150-day moving average, which shows the potential for even more upside in bond yields.
"I think there's a case for some short-term upside here, and when we look at the weekly chart, at least, we see the potential for a double bottom at an all-time low," Ross said Monday on CNBC's "Trading Nation."