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dorfmanmaster

ITB channel breakout

Long
iShares U.S. Home Construction ETF (AMEX:ITB)  
dorfmanmaster  
AMEX:ITB   iShares U.S. Home Construction ETF
Harmonic Patterns Trend Analysis Technical Indicators homebuilders construction XHB cyclical sector Parallel Channel breakout
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harmonicpatterns trendanalysis indicator homebuilders construction xhb cyclical sector parallelchannel breakout
Homebuilders have been behaving well in a channel since the market low of march 23rd.

Tuesday after memorial day was the first break out of the channel, and today's participation continues to give the sector a more positive view.

Next tested resistance which is all time highs around $49.5
Next strong support is the 200sma (red line)

RSI is taking us to overbought level (relative bear)
OBV trending higer (bull)

We are seeing some sort of rotation to more cyclical sectors. I am checking out for IYT, IYF, XLI.
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