SELECT SECTOR SPDR INDUSTRIAL ETF - XLI
Monthly chart shows decision between the bulls and the bears. No buy signal/pattern evident on this timeframe.
Weekly chart shows consolidation/trading range pattern. Last week's price action resulted in a doji/spinning top candle pattern. Price remains below the down trendline in place. IF current support at $36 area, THEN look for retrace to test the current $32.50 area low. IF resistance at $38 area breaks, and we manage to stay above that level, THEN look for a retracement to test the current $42 area high.
Daily chart better shows the indecision between the bulls and the bears. Look to next week for early signs as to which direction is more likely.
Sunday, February 24, 2008
XLI Update for 02.24.2008
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