novvoll12
Long

XLB $49.83: Consolidates above a 6-month rising trendline

AMEX:XLB   MATERIALS SELECT SECTOR SPDR FUND
8 0 0
XLB             has been holding a 6-month rising trendline (from October 13, 2014 low). If bulls manage to reclaim 50.38 (April 13, 2015 range high), that would suggest there is scope for further bullish momentum towards 51.01 (November 17, 2014 range peak) ahead of 52.22 (February 23, 2015 YTD high). The 49.38/48.59 support zone (which houses the the rising trendline) needs to hold dips. A breakdown would signal topping.
Outlook:
Short term: Buy on pullbacks
Long term: Bullish while the rising trendline holds
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