My highest conviction idea this week is that
XLB
is going to continue falling.
* February (monthly) broke above the previous month's high, but then fell.
* March, it has continued to retreat.
* It has broken down below January and December's lows, next 'target' is November's low, which is 71.27
* Quarterly chart shows a break above previous quarter's high, PLUS a retreat. This implies bearish momentum to me.
Admittedly, we are consolidating in the current zone between 75 and 78 (see daily chart). Tough to predict which way it'll break out of that.
XLB
is going to continue falling. * February (monthly) broke above the previous month's high, but then fell.
* March, it has continued to retreat.
* It has broken down below January and December's lows, next 'target' is November's low, which is 71.27
* Quarterly chart shows a break above previous quarter's high, PLUS a retreat. This implies bearish momentum to me.
Admittedly, we are consolidating in the current zone between 75 and 78 (see daily chart). Tough to predict which way it'll break out of that.
Comment:
April 3: It's at 81 and this idea was wrong.