Mon March 26th 2007 Weakness in Real Estate ETF by Mike Paulenoff, www.MPTrader.comToday's weakness in the iShares Dow Jones Real Estate Trust ETF (IYR) in reaction to disappointing New Home Sales data leaves behind what looks to me to be a completed recovery rally pattern from 82.56 to 88.13. As such, my work argues that the IYR has started a new down-leg within its larger corrective pattern off of the 2/08 high of 94.99, which hit an initial low at 82.56 on 3/05. Next immediate target is 84.60 to test the support line off of the 3/05 low.
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