Time of Truth for Financial Stocks XLF
Stock-Markets / Articles Aug 20, 2009 - 12:58 PM GMTBy: Mike_Paulenoff
The time of truth for the Financial Select Sector ETF (NYSE: XLF), which is bumping up against key near-term resistance at 14.30-14.42. If that level is hurdled, it likely will unleash additional strength that propels prices to new highs above 14.60 – towards my optimal target at 15.00/30. Conversely, inability of the XLF to hurdle and sustain above 14.30-14.42 followed by a decline that breaks 14.00 will argue that the larger corrective process off of the Aug 6th high at 14.60 remains viable and points to 13.20-13.00 prior to completion.
Sign up for a free 15-day trial to Mike's ETF Trading Diary today.
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
Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction
© 2002-2009 MPTrader.com, an AdviceTrade publication. All rights reserved. Any publication, distribution, retransmission or reproduction of information or data contained on this Web site without written consent from MPTrader is prohibited. See our disclaimer.
Mike Paulenoff Archive |
© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.
