Bullish Formation for Financial Stocks XLF ETF
Stock-Markets / Banking Stocks Jun 04, 2009 - 11:45 AM GMTBy: Mike_Paulenoff
The Financial Select Sector SPDR (AMEX: XLF) has spent the last 4 weeks carving out a coil formation atop its Mar-May upleg, which translates into a bullish continuation pattern, which when complete should trigger upside acceleration towards the next optimal target zone of 13.20/40. As long as the prior pivot low within the coil – at yesterday’s low of 11.88 – remains intact, I want to be long the XLF in anticipation of the upside breakout.
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By Mike Paulenoff
Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of
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