A lot of people have recently (and correctly) pointed out that the XLI industrial stock ETF has above an important resistance level (its highs from January and September of 2018). This is a positive development , but like it is with several other groups…and the broad market in general…the XLI is getting overbought on a near-term basis. Thus we could see the group take a “breather” at some point very soon.
Whether the group takes a short-term breather or not, 3 members of the XLI have three different looks on their charts. GE is overbought and ripe for a tradable pull-back....FDX is overbought, but looks poised for further upside movement soon....and WM looks good on the long side right now. For more details on these stocks...and the charts on each one of them, please click here to subscribe to my investment newsletter, "The Maley Report" (TheMaleyReport.com).
Matthew J. Maley
Managing Director
Chief Market Strategist
Miller Tabak + Co., LLC
Founder, The Maley Report
TheMaleyReport.com
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