Don't Ignore This Chart!

CCI Bounces from Oversold Levels for Home Construction iShares

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The Home Construction iShares (ITB) corrected over the last few weeks with a falling flag pattern taking shape. The flag is still falling, but the Commodity Channel Index is rebounding with a move back above -100 (oversold). The next step for CCI is a trendline break.

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. Learn More
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