quantguy
Long

Real Estate: The Turnaround?

AMEX:VNQ   VANGUARD REIT ETF
In the wake of strong real estate data, we can expect a turn around for its respective ETF's such as the Vanguard ETF , VNQ             . In addition to the fundamentals, there is a lot of reason to believe this might be a good long position.

We've finally started to see some headway breaking the level at around $77, which also corresponds to a strong fibonacci level. There is a lot of resistance from below from the Ichimoku cloud . Moreover, the MACD line and Signal line appear to be headed for convergence, indicating a turn around in the general bearish behavior. For profit targets consider the fibonacci levels or the levels set by the gaps between 11/05, 11/06, and 11/07.
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