themarketzone
Long

Continuation towards bearish Bat completion?

AMEX:XLU   SELECT SECTOR SPDR TRUST AMEX UTILITIES SELECT INDEX
$XLU is no doubt one of the strongest sectors out there. The bullish setup from 41$ generated impressive rally in time where the markets suffered mostly losses.
Now, as sentiment starting to shift, we may see continuation move towards final target zone of the bullish move - Completion of Bat pattern near 49$

Two zones to monitor in $XLU:
1. 45$ - Currently support (we see that the price is bouncing on it for now.
2. 43-44$- Structure and the daily 200 MA line

Tomer, The MarketZone.net

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Comment: Reached final target zone - Completed the bearish pattern
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