IGV breaks above resistance
Throughout May IGV – the iShares North American Tech-Software ETF – moved in a downtrend. The orange descending line we show in the chart joins the lower highs of this bearish trend.
This trend started to reverse in early June. First of all, price broke above the orange resistance line and, just as important, above its 10- 20- and 50-day exponential moving averages.
Price eventually broke above the lower blue resistance line at about 218 and has started moving between its rising 10-day exponential moving average and the upper Bollinger Band.
The crossover of price above the upper blue resistance line at about 223 will confirm the ETF’s bullish momentum.
Apart from the above, MACD has already moved above its signal line, and IGV’s Relative Strength is above its 20-day exponential moving average.