Utilities ETF uptrend still intact

Posted on November 5, 2013 by Stock Trade Journal

The Spider Utilities ETF (XLU) has recently pulled back and it is stuck in a triangle pattern. The 200 and 50 DMAs are still trending higher.
Considerable supply came in at $41 back in in May with all the “Taper Talk,” but it now looks like it wants to test those highs again. If price moves above $42 we could even see this ETF test its all time highs around $45. The weekly chart suggests choppy action ahead though.

About Stock Trade Journal

The information in this blog is not investment advice. Please consult a financial advisor before investing. I have been trading stock since the 1990's and survived the .com crash. I am developing software applications to help me trade better and now I am making them available to help other traders. This blog is also a way to share my experiences and observations in the market.
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