The Regional Bank SPDR (KRE) broke resistance with the October surge and broken resistance turned into support. This is a basic tenet of technical analysis. The throwback to broken resistance held (so far) as the ETF bounced back above 23 on Wednesday.
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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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