( First Trust Dow Jones Internet Index Fund
) which essentially covers the U.S. Internet Stocks, is now comfortably trading above the MA50 on the 1D chart on strong bullish
candle action ( RSI
= 69.026, MACD
= 2.230, Highs/Lows = 3.3271). Through this price action a strong buy signal has emerged and has to do with the similarities of the mid 2018 - 2019 price action with the late 2015 - mid 2016 sequence. Not only the MA periods (Death Cross followed by a Golden Cross) and candle action (Highs, Lows, consolidation phases) are virtually identical but also the price ranges (-27% decline from highs).
If a +21.50% rise follows, then the peak of the current bullish
sequence would be near 161.00. We are long on this asset.
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