XLK - possible opportunity but don't plant all your seed at once
Time to start accumulating some XLK? I think so. With the 200-day on the yearly chart being breached, I believe this a good entry point. Buyer be aware, painful times may be ahead. Going with weekly purchases on this one for dollar cost averaging. Quick spike up my result in a quick sell on my end but I’ll also welcome ongoing movement down.
From a technical standpoint, the last time XLK breached the 200-day was August 5th. It quickly recovered. From a guessing standpoint, I don’t see this happening again. I’m thinking a sideways movement from here until November (excellent candidate for the wheel) or more downward pressure. Beyond this current area, next major support is the 190ish range.
I added Volume Profile to the chart. Still learning this one but wanted to leave it on. Comments are welcomed as to what you see, especially with Volume Profile.
I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information contained in this post is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation
From a technical standpoint, the last time XLK breached the 200-day was August 5th. It quickly recovered. From a guessing standpoint, I don’t see this happening again. I’m thinking a sideways movement from here until November (excellent candidate for the wheel) or more downward pressure. Beyond this current area, next major support is the 190ish range.
I added Volume Profile to the chart. Still learning this one but wanted to leave it on. Comments are welcomed as to what you see, especially with Volume Profile.
I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information contained in this post is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation
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