Materials ETF · weekly technical analysis
Materials sector ETF slips 0.7% as sellers retake control
Materials ETF · weekly technical analysis
Our view last week
A clean double bottom has just formed in the 50 area for Materials Select Sector SPDR ETF, with an 8% intermediate rebound. But the week that closed on July 6 gave back 2.2%, and volume tells a different story: after a week of near-total buying, sellers took the upper hand on the last candle this time, and the ADX keeps sliding. Price remains squeezed between two nearby levels, in the 51 area, in this week's technical analysis for the Materials sector fund.
This week's summary
The Materials sector ETF slips again: down 0.7% in the week that closed on July 13, with sellers making up 69% of volume against 31% for buyers. The weekly RSI eases to 51.5 and the ADX keeps sliding, a sign the trend is losing steam. On the daily chart the double bottom in the 50 area is holding, but price stays squeezed between the 100-day moving average resistance and the 7-day low support, both in the 50 area.
IQS Phase
33
ordinary
Signal Strength
41
medium · weak
Sizing
REDUCED
Ranking
#73 / 112
US stocks in progress
Trade P&L %
-2.75%
from signal to today
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