The Home Construction iShares (ITB) has gone nowhere since August 2009. After first crossing back above 12.75 in early August 2009, the ETF has meandered above/below this level the last 23 months. On the right half of the range, a large Symmetrical Triangle is taking shape. A break from this Triangle would trigger the next directional signal and could have ramifications for the broader market.
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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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