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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s