It is accurate to say that XPH, although the ETF is rising to new highs, has lost some momentum. From May 1 to August 1, the ETF gained 20%, but since early August, XPH has traded in a tight range and is up just 2%. [Obamacare Could Boost These ETFs]
“XPH may need another week or two of consolidation around $78 (due to last Friday’s false breakout attempt). We typically see false breakouts pullback for three to five days before reversing higher, but if the market retraces off the highs, we could see a deeper pullback to the 50-day moving average (around $77),” said Wagner.
SPDR S&P Pharmaceuticals ETF
