Notice the following on the IEF chart:
-- Prices are moving lower, albeit at a slow pace. Prices have moved into a lower low and lower high pattern
-- Prices are below the 10, 20 and 50 day SMA
-- The 10 day SMA has moved below the 20 day SMA
-- The 10 and 20 day SMA are both moving lower
1 comment:
Your TA points outline a downtrend which I agree with in the long-term but there is still some strength left in IEF. Look at the 50EMA. The past two closes have planted themselves right on top of it, both the 50SMA and 50EMA are still uptrending (albeit with the start of some rounding on the EMA), and price is nearing the upper range of the late-Nov gap. These should provide some short-term support but once these are crossed I would guess a quick drop back to the low $90s to high $80s.
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