Today we'll analyze the Stock XLF for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 26.32$ (03/20/08) to 24.65$ (03/28/08) a 1.67$ move
2- The current bullish trend started from 24.65$ at 03/28/08 and is currently trading at 26.36$.
3- The stock current support level is at 26.32 which is the 100.00% fibonacci retracement of the last 1.67$ move.
4- The stock current resistance level is at 26.77 which is the 127.20% fibonacci retracement of the last 1.67$ move.
5- According to ADX, the trend is currently strong bearish, which is getting stronger.
Short term chart patterns :
6- The Stock formed a 5.63$ height triangle which was broken up at 26.36, target of the pattern is 31.99.
Mid term chart patterns :
7- The Stock formed a 5.63$ height triangle which was broken up at 26.36, target of the pattern is 31.99.
Long term chart patterns :
8- The Stock was resisted by a resistance line, identified by two points: 29.44 and 35.28 that was broken up at 26.36 transforming into a supporting line.
Conclusion:
XLF was trading in a strong bearish wave, which is becoming stronger .
Technical indicators and chart patterns show bullish direction,
recommend stopping short positions or entering long position or bullish spread options strategy .
Resistance Levels: 26.77, 27.35, 31.94, 31.99,.
Support Levels: 26.35, 26.32, 25.96, 25.71, 25.68, 25.51, 25.49, 25.43, 25.30, 25.29, 25.04, 24.65,.
We Moved!!
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Monday, April 7, 2008
Financial Select Sector SPDR (ETF) (XLF) Technical Analysis
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have a nice day,
Shadi
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