IYT $155.87: Consolidates near critical support zone

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IYT             rebounded off 152.03 (April 6, 2015) back above the 154.02/154.02 3-1/2 month range support area to rally to 160.29 (April 23, 2015) before ranging. While the 153.39/154.02 support zone holds dips, there is scope for further upside. A clean break back above the 157.39/158.48 moving average resistance levels would signal return of strength and open 160.29. Clearing the latter would confirm extension of the 4-week upleg to open 165.00 (March 20, 2015 high) near the range ceiling. Only a decisive breakdown below 150.23 would signal topping.
Short term: neutral
Long term: bullish while above 153.39/154.02

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