AMEX:XLK
Looking at the XLK chart, more downside appears likely.
The market regime is changing, and a rotation out of growth into value/defensive is in full swing.
XLK is showing Bearish divergence on the MACD & RSI , plus confirmation of the 9EMA is crossing under the 20EMA.
Typically, breakdowns out of this kind of chart pattern usually fall about 10-12%
While I don't believe that will happen immediately, I could see it finding support around the $148 / 0.618 fib level in the next couple of weeks.
I am going to keep an eye on the chart pattern and wait to see a breakdown below it.
Looking at the XLK chart, more downside appears likely.
The market regime is changing, and a rotation out of growth into value/defensive is in full swing.
XLK is showing Bearish divergence on the MACD & RSI , plus confirmation of the 9EMA is crossing under the 20EMA.
Typically, breakdowns out of this kind of chart pattern usually fall about 10-12%
While I don't believe that will happen immediately, I could see it finding support around the $148 / 0.618 fib level in the next couple of weeks.
I am going to keep an eye on the chart pattern and wait to see a breakdown below it.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.