XLU is no doubt one of the strongest sectors out there. The bullish setup from 41$ generated impressive rally in time where the markets suffered mostly losses. Now, as sentiment starting to shift, we may see continuation move towards final target zone of the bullish move - Completion of Bat pattern near 49$
Two zones to monitor in
XLU:1. 45$ - Currently support (we see that the price is bouncing on it for now.
2. 43-44$- Structure and the daily 200 MA line
Tomer, The MarketZone.net
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Note
Reached final target zone - Completed the bearish pattern
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.