novvoll12

XLV 74.60-neutral- Approaches 7-month rising wedge support

AMEX:XLV   HEALTH CARE SELECT SECTOR SPDR FUND
xlv
6 0 0
xlv
XLV             fell from the 77.40 record high (July 20, 2015) to threaten 7-month rising wedge support and the 50 day moving average currently at 74.26 which is also near the 73.86 range low (July 8, 2015). While the 74.26/73.86 support zone holds the dips, that suggests the uptrend remains, offering scope for returned strength towards 76.05 (July 24, 2015 high-gap low). Further gains above there would shift the focus to 77.40 again. Only a sustained break below 73.86 would caution bulls and risk a retest of key support at 71.33 (April 30, 2015).

Outlook:
Short term: neutral
Long term: bullish
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