Wednesday, January 18, 2017

Utilities (XLU) Looking Strong, Or People Looking For A Haven?

I've got a big day tomorrow so I just wanted to post a quick update on Utilities ETF XLU. I don't know whether this is a sign that people are heading for a "safe haven" investment or not, but today XLU powered into bullish territory with a move above MA(144). I've drawn in a strong looking upward channel with a hint of an ascending bearish wedge possibly beginning. Needless to say, this seems to be something that will rise to around $50.40 we decide what it does next.