bottomcatcher

XLB re-tests fib extension.

AMEX:XLB   SELECT SECTOR SPDR TRUST
Since the March lows, ( XLB ) has put in a strong performance, closing up 19.67% in April, 9.23% in May, 1.39% June, 7.21% in July, and so far 3.71% during this month. Whilst holding above its important medium and long term moving averages, XLB finds itself within sniffing distance of a yearly Double Top pattern and 1.618% Fib extension level (C), taken from the 2008 highs (A) and the crash lows of 2009 (B). Indicators, such as the Relative Strength Indicator ( RSI ) is perhaps showing weak diversion from XLB’s price action as it approaches the critical resistance levels mentioned, at (C)

Any signs of weakness around these levels will most likely provide a good selling opportunity, for the short-medium term, with stops above the 1.618 fib level. Above resistance could see the Materials Sector re-test the top of the multi-year rising channel (1).


Comments

I agree with your opinion,it's a really nice chart
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bottomcatcher Streamjannife
@Streamjannife, Thank you very much
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Amazing
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bottomcatcher Nicolewoods
@Nicolewoods, Thank you )
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Great job...Thank u
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bottomcatcher Ereginabrantley
@Ereginabrantley, Your welcome
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Good idea
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bottomcatcher John_Moree
@John_Moree, Apptreciated
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Nice idea!
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bottomcatcher Phi-Deltalytics
@Phi-Deltalytics, Thank you..
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