Will $XLY Break Out? #markets #trading #trendfollowing
Consumer Discretionary Sector ETF ($XLY) – monthly
- The blue and red arrows point to subsequent strong trends. Can’t be ignored.
- The trailing-stop (blue dotted line) is a reliable exit from long positions.
- Heikin-Ashi candles show the trend without much translation.
Consumer Discretionary Sector ETF ($XLY) – weekly
- Here, the medium-term picture is different (weaker) from the long-term view.
- The uptrend looks weaker because Chikou-span is flirting with the price.
Consumer Discretionary Sector ETF ($XLY) – daily
- Undecided, with a weakness sign (a lower high for the smoothed haDelta).
Bottom line: The long-term picture looks bullish, but a confirmation of an exit from the current short-term consolidation is needed first.