SPDR Select Sector Fund - Consumer DiscretionaryArca
Description
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Price has been in a trading range for a year and has broke out and passed the throwback test and is ready to move up
Comment
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A rectangle has formed since 2022 to 2024. Which formed a morning star pattern on a shortfall and the entry point will be around the throwback level from the previous resistance level which is now the support level after breaking out from the pattern.
We will set our target price using the measured rule which is near the previous high of 213 using a stoploss at 157 which is at the trendline using the morning star as the next higher low readjusted from the lowest point of the rectangle.