XLU (Defensive) Still in Channel
XLU, the SPDR Utility Sector is well-known, high div paying defensive, and has not broken support like SPY as a whole. Let's play safe with a 1.6:1 trade, with stop below the lower tramline and target the confluence high of the bullish and moderate cases, as shown by the regular and dotted lines. Aggressive traders could set the stop at 53.75, reflecting the 52-55% pullback last time.
Trade active
Trade filled and running.Trade closed: stop reached
The December panic took us out exactly at the October low. It will probably rise from here, but too late for this trade.
David Atherton
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
David Atherton
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.