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Watching this ETF...One thing I'm noting as it's hanging out consolidating at a resistance level is the excess being formed in the tails of candles along with volume. Note yesterdays volume...almost half of the previous day's volume as well as being at the bottom of the consolidation zone. Dalton would say that as volume declines into an area of a bracket extreme, the more likely that area is to hold.
The biggest signs to me are the hammers/dragonfly doji and other signs of excess showing possible upside potential. While there is some resistance overhead, I'd watch for this one to make an upside move.
What ETF is it? IYR. Real Estate |
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Looks like this guy pulled back to test the top of that box and buyers came in as it was shook down. That shake below the box should have ditched all the weak hands I'd think.
Thoughts?