Wedge Inside a WedgeIf it breaks ~26.91 it should go to the downside. If it breaks above 30 then it could retest old high. My personal prediction: it tests August 2012 support line.
XHB trade ideas
XHB Short or Long?H&S? Short below $30 (Stop: daily close above $31.10). Target 1 around $25 in the medium term. Tapering should hurt homebuilders most.
But if, price rebounds from here we might actually see a bullish reversal, H&S negation and then target would be atleast $34 (76.4 fib from all-time highs)
XHB Trendline support?XHB has been trading inside a channel since last September. Long term uptrend line from the latter part of 2011 remains support. However, under both 20 and 50 SMA, and price is hovering around trendline.
