A Double Day Breakout in Technology XLK
Thu, Jul 27, 10:21 AM ET, by Corey Rosenbloom
While you’re watching the big bullish breakout in Facebook (FB) this morning – along with a smaller breakout in Amazon (AMZN) – let’s pull the perspective back to the broader Technology ETF – XLK.
How’s it doing?
Technology ETF" width="630" height="565" />
It’s doing very well, thank you very much.
Yesterday saw a slightly weak breakout to new all-time price highs for XLK on the strength of larger technology companies in the sector.
Today gives us a gap-up and stronger breakout as big leader Facebook (FB) shoots to new all-time highs above $175 per share.
After a false breakdown – just an “ABC” Retracement – into positive momentum divergences at the beginning of July, buyers aggressively flooded the technology sector with buy orders, resulting in the current non-stop rally that set the foundation for today’s new high.
Continue watching this group – and stock-specific leadership within the sector – as the stock market continues its bullish march higher.
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
SDI Glossary: "price" Definition
SDI Glossary: "Finance" Definition
SDI Glossary: "Retracement" Definition
SDI Glossary: "Stock" Definition
SDI Glossary: "Trend" Definition
This Article's Word Cloud:
More articles: 1 2 3 4 5 6 7 next »