Utilities SPDR Establishes Resistance with Consolidation

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

The Utilities SPDR (XLU) is consolidating at a potential support level and traders should watch the consolidation high for a breakout. First, notice how broken resistance and the Fibonacci retracements mark support in the 36-36 area. This is a good spot for a bounce, but a breakout is needed to signal an actual upturn because XLU could continue lower. A move above the June high and a bullish Vortex cross would signal an upturn.

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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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