Strong Buy Signal on the U.S. Internet Stocks.

The FDN (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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