A Hanging Man and a Harami for XLK

Arthur Hill
by Arthur Hill,
Chief Technical Strategist, TrendInvestorPro.com

The Technology SPDR (XLK) is hitting resistance from the late October high with a Hanging Man last week and a Harami this week. Both candlesticks are bearish reversal patterns. The Hanging Man was confirmed with a gap down and long black candlestick, but the ETF quickly bounced back above 26. The current Harami shows more indecision at resistance. A move lower from here would confirm this short-term reversal pattern. Medium-term support remains in the 25 area.

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Arthur Hill
About The Author:

Arthur is the Chief Technical Strategist at TrendInvestorPro. Focused primarily on US equities and ETFs, his systematic approach of identifying trend, finding signals within and setting key price levels has made him an industry-leading technician. Learn More 

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