IYT peaked in January along with the broad markets and then fell where it tested short-term rising channel support, which held.
Joe Friday Just The Facts Ma’am– IYT is testing its January highs, where it could be creating back to back bearish reversal pattern (bearish wicks) at (1).
Stock bulls want to see IYT breaking above January highs, not sellers coming forward and taking it lower!
The iShares Transportation Average ETF (IYT) closed at $203.77 on Friday, down $-0.14 (-0.07%). Year-to-date, IYT has gained 6.70%, versus a 9.22% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Kimble Charting Solutions.