• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Stock You Gotta Love a Good Wedgie
Stock

You Gotta Love a Good Wedgie

by February 2, 2023
by February 2, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

In the second half of 2022, the price chart for XLY started to form a falling wedge pattern.

This pattern or formation is characterized by two converging trendlines, BOTH moving lower. The falling wedge variant comes in two variations. It can be either a continuation within an established uptrend or a reversal pattern at the end of a downtrend. Either way, the falling wedge is considered to be a bullish formation.

You can read more on falling wedges in this ChartSchool article.

In the case of XLY, the wedge started forming in mid-year 2022 when the price bottomed around 132 twice before jumping back to 174. The leg down from that high found support at slightly lower levels than before, then rallied again to 147 before dropping to its recent low at 126.

The support and resistance lines connecting these highs and lows mark the upper and lower boundaries of the wedge. Last week XLY managed to break out of that wedge to the upside, and it is getting a good follow-up so far this week, with XLY taking out the previous high(s) at 147.

Based on the theoretical target price XLY now has more upside potential to levels around 174, which is the highest point in the formation.

#StayAlert, –Julius

You Might Also Like
  • Inspire Soaring Profits: A Unique View For Success
  • Severe Silver Cross Index Negative Divergence a Tip Off to Severe Decline?
  • Add Happiness To Your Portfolio With a Sprinkle of Disney Stock
  • Equal-weight Semis Break Down – Is SOXX Next? – with video (Free)
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Ohio constitutional amendment measure misses ballot deadline
next post
Joe’s Best-Looking Sectors

You may also like

Stocks Soar, Energy Prices Spike: Are Geopolitical Tensions to Blame?

October 4, 2024

What Happened to NVIDIA (NVDA)?

March 9, 2024

How to Spot a Golden Mining Opportunity Using SCTR Reports

September 6, 2024

Week Ahead: NIFTY May Stay Ranged; Trending Moves To Occur...

October 19, 2024

Two Highly Entertaining Stocks to Watch

January 24, 2023

Decisive Long-Term Breakout for Gold

March 15, 2024

Larry Williams on the Fed, Interest Rates & Markets! What’s...

May 27, 2025

How Mega-Cap Names Dominate Through Market Cap

October 16, 2023

Three Ways I Use RSI To Analyze Trends

September 2, 2023

New Highs, But Danger Looms—Is XLF Heading for a Big...

August 30, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Week Ahead: NIFTY Stays In A Defined Range; Moving Past This Level Crucial For Resumption Of Upmove

      May 31, 2025
    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025
    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,765 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,472 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,451 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,432 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,309 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,582)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Week Ahead: NIFTY Stays In A Defined Range; Moving Past...

      May 31, 2025
    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right...

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,582)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Week Ahead: Approach Markets On A...

    April 22, 2023

    Walmart Stood Strong When The Market...

    February 13, 2024

    QQQ Breaking Out Again; Watch This...

    November 10, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here