jangseohee

XLB, symmetrical triangle

AMEX:XLB   Materials Select Sector SPDR
4
After XLB broke the uptrend channel in early Oct, price has been engaged in symmetrical triangle consolidation pattern.
A break down would be for the bears while an upper breakout could see price re-test the undercut of uptrend channel .

I have a hunch that it is going to be red channel moving ahead.

P.S. I noticed one false breakout above the upper triangle line into the channel but failed terribly.