Tuesday, January 24, 2017 10:52:55 AM
IJR Corrects with Bull Flag BY ART HILL
Led by weakness in retail and banks, the S&P SmallCap iShares (IJR) corrected with a falling flag over the last 12 days. I am not concerned with the break below the mid December lows because the bigger uptrend is the dominant force. Instead, I am more interested in catching an oversold bounce within this bigger uptrend. RSI is nearing oversold levels (~30) and the ETF is near a potential reversal zone (green). A move above 68.5 would break flag resistance.
Led by weakness in retail and banks, the S&P SmallCap iShares (IJR) corrected with a falling flag over the last 12 days. I am not concerned with the break below the mid December lows because the bigger uptrend is the dominant force. Instead, I am more interested in catching an oversold bounce within this bigger uptrend. RSI is nearing oversold levels (~30) and the ETF is near a potential reversal zone (green). A move above 68.5 would break flag resistance.
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