For technical traders, Gregory Harmon for Dragonfly Capital points to several indications that suggest XLB is ready to move higher.
The materials ETF since October 2011 has continued to make a series of “higher highs and higher lows,” defining the trend. XLB is breaking above resistance, momentum is bullish and the fund is seeing inflows, Harmon writes.
Materials Select Sector SPDR
For more information on the materials sector, visit our materials category.
Max Chen contributed to this article.