XLU MACD in bullish territory
XLU – the Utilities Select Sector SPDR Fund –formed a triple bottom pattern at the end of December and the beginning of January.
Following that, XLU gradually moved in a bullish channel between its 10-day exponential moving average and the upper Bollinger Band.
What is more, in the last few sessions XLU broke above the blue resistance line.
By the way, our momentum indicator, MACD, is moving above its signal line since the beginning of January.
XLU is a rather conservative and defensive sector, so its Relative Strength is moving horizontally along its 20-day exponential moving average, which in XLU’s case is quite positive.