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Homyk Registered Apr 2011 |
This is my technical chart analysis of the Industrials Index using the XLI ETF. My previous entry was an analysis of the Energy Index.
Long time frame 
The Industrials Index is moving steeply towards the 2007 heights in a strong channel. Price is now hitting an area with a lot of resistance and support and is consolidating towards the inner line. Medium time frame 
In the medium term we see the Industrials Index nearly touching the inner line of the wide channel while overextending the bearish narrow channel. Price has recently bounced off a strong support line which in retrospect looked to be a good buying opportunity. A safer bet would be to wait for a touch of the inner channel, but price is in a good range for bulls at this moment. |
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