Golden Cross on XLY

This setup has been a long time coming. The chart has been bullish ever since the Imperial Brands deal. The golden cross (of the 200MA/50MA) is a very strong indicator of bullishness. Given that this stock really didn't rally as much as it could have on the back of the IB deal, I expect this, plus any minor catalysts in the short term could send this stock on a run. Watching $1.00, $1.20 and $1.50 as targets.
Comment: So it turns out the prior gap filled. The golden cross on the 200 and 50 moving averages is still in effect. By that indicator this is still bullish, but of course there are broader market headwinds at play here. Waiting to see if the 50MA returns below the 200 or if it uses it as support.


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