Utilities Fund Receives Bearish Signal

The Recognia Report says that the Utilities Select Sector SPDR ETF (XLU) has hit what is known in technical analysis as a Diamond Top.

This intermediate-term bearish signal indicates that the stock price may fall from Friday’s closing price of $32.80 to the range of $27.70 – $28.60. Since it took 73 days for this pattern to form, technical analysis says this is roughly the period of time in which the target price range may be achieved.


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