After breaking resistance in December, the Dow Transports consolidated a few weeks and then broke to a new 52-week high this week. Volume has also been strong since early December as many up days occurred with above average volume. And finally, broken resistance turned into support around 4090-4000.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.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. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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