The Networking iShares (IGN) is showing some buying pressure with a flag breakout over the last four days. The ETF broke the September trendline in early November, pulled back with a flag and then broke the flag trendline. Notice that the price relative (IGN:SPY ratio) broke its trendline in November and IGN is showing some relative strength.
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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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