Such a technical breakdown tells us that the trend is now down with lower stock prices in the cards,” Michael Kahn Reports from Barrons.
“There is more bearish technical evidence to be gleaned from last week’s action. In a trading range, we expect prices to move from range bottom to range top and back again. The retail ETF touched its range bottom about two weeks ago but the ensuing rally stopped far short of the range top last week. This failure to reach resistance within the pattern signifies weakness and typically foretells an eventual breakdown,” Kahn Reports
“Such technical weakness is not limited to the sector ETF. Many household-name retail stocks have been in true declining trends since April,” Kahn Reports
We have included a list of the top companies within this ETF below:
|TOP 10 HOLDINGS ( 83.94% OF TOTAL ASSETS)|
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