Don't Ignore This Chart!

Networking iShares Hits Moment-of-truth of Truth as Cisco Looms

The Networking iShares (IGN) moved lower from early February to mid April and then bounced the last five weeks. This bounce is forming a rising wedge and nearing broken support, which turns resistance. RSI is also in its resistance zone (50-60). Thus, the moment-of-truth of truth is near with Cisco reporting earnings after the bell.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at 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
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