Morpheus Trading: SPDR S&P Retail ETF (NYSEARCA:XRT) has formed a bullish, 11-week consolidation, with most of the action holding above the rising 10-week moving average.
Last week’s bullish reversal candle on a pick up in volume is also a clear sign of support. As such, look for $XRT to breakout to new highs in the near-term. Here’s the weekly chart of $XRT:
On the shorter-term daily chart of $XRT below, we see that the 20-day EMA has crossed above the 50-day MA, and the 200-day MA is in a strong uptrend.
There is also a higher “swing low” within the base, which was created by last week’s “undercut” of the 50-day MA. All these factors confirm a valid uptrend is already in place.(...)Click here to continue reading the original ETFDailyNews.com article: The Technicals Are Bullish For This Retail ETFYou are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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