Exchange traded funds tracking short-term U.S. Treasuries have fallen recently with investors abandoning safe havens for riskier assets, but one technical analyst thinks the bond ETFs are due for a bounce.

Although U.S. bond markets were closed Monday for Columbus Day, Treasury ETFs were trading along with stocks.

The iShares Trust Barclays 1-3 Year Treasury Bond Fund (NYSEArca: SHY) traded sharply lower Monday before erasing the entire loss.

The $9.8 billion ETF was “finding support today from rising channel support drawn up from the April 2011 low,” said Tarquin Coe at Investors Intelligence.

ETFs often trade while their underlying markets are closed. [Treasury ETFs Tumble]

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