Don't Ignore This Chart!

Retail SPDR Tests Resistance Breakout with Falling Wedge

 | 

After breaking resistance with a surge in early February, the Retail SPDR (XRT) returned to the breakout with a decline the last few weeks. This decline is tracing out a falling wedge pattern. Support is at hand from broken resistance, but a move above wedge resistance is needed to reverse the four week slide.

110317xrt
Click this image for a live chart

Arthur Hill
About the author: , 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. Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus