Bullish Candlesticks Line up for a Reversal in XRT

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



After a plunge below 78 to start the week, the Retail SPDR (XRT) firmed with a harami on Monday-Tuesday and then formed a hammer on Wednesday. These are bullish candlestick reversal patterns that require confirmation, which came with a gap and surge to 80. Even though the short-term reversal is in, the overall trend is still down after the January breakdown and big decline. The 50% retracement marks the first resistance zone in the 82.5-83 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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