Wednesday, March 19, 2014

Industrial Metals ETFs Trading Near Yearly Lows

Above is a chart of the industrial metals ETF.  Since midway through last summer, it has been trading in a descending triangle formation.  Prices have not only hit resistance at the upper descending boundary, but also at the 200 day EMA, indicating the chart is remaining in a bear market.  Prices broke through the downside in mid-March when Chinese export data dropped sharply.