Expect More Upside In The iShares U.S. Medical Devices ETF (IHI)

sellbuyMorpheus Trading: Our long position in iShares U.S. Medical Devices ETF (NYSEARCA:IHI) is back in trend mode after a six-day consolidation above the 10-day moving average. Yesterday’s gap to new swing highs could lead to a another 2-3 points of upside.

The trade should be in good shape in the short-term. as long as the price action holds above the “dirty” uptrend line. We call it a dirty uptrend line because there are a few candles that the line crosses through, but we have always taken the approach that technical analysis is part art and part science. With trendlines, we go with what makes sense:

$IHI UPTREND

As for our other ETF swing trade holdings, $TAN continues consolidating near its highs and is presently showing an unrealized share price gain of 15% since our original entry price. $FDN just broke out to a new all-time high and is trading 6.8% above our entry price. $USO is similarly up more than 6% since entry.

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