Don't Ignore This Chart!

Hartford Surges off Support with 7-day Move

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Hartford (HIG) is a big insurance concern and part of the Insurance SPDR (KIE), which is one of the best performing industry group ETFs over the last six months. The stock surged from late August to mid November and continued higher at a slower pace from January to March, hitting a 52-week high in mid March. Notice that the stock established support in the 46-47 area over the last five months and surged off support with an advance the last seven days (and counting). It may seem short-term overbought, but this surge off support shows strong and sustained buying pressure. The indicator window shows MACD turning up and moving into positive territory. This just means the 12-day EMA moved above the 26-day EMA.

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--Arthur Hill CMT

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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
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