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MPTrader Mid-Day Minute
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| Thu Apr 24th 2008
Retail ETF Punches Through Resistance
By Mike Paulenoff, www.MPTrader.com This is what I wrote for subscribers yesterday about the Retail HLDRs ETF (AMEX: RTH), and there is no change in my outlook right now: The RTH appears to me to have ratcheted up into a higher trading plateau between 93.00 and 96.00 from 92.00 to 96.00, as the price structure pushes towards a confrontation with a cluster of resistance that is represented by its 9-month down trendline, the declining 200-day moving average, and a 5-month plateau of prior failed rally peaks at 96.00/65. If the RTH hurdles the resistance, then it will unleash the potential of a huge base formation that projects to 102 and then 105. Only a decline that breaks 93.30 will begin to compromise my current outlook. For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. |
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