After a busy last week of economic earnings, we’re seeing some new moves in the market!
The healthcare Sector (XLV) has shown resilience with a fresh breakout (8/11/24) on the weekly chart and increasing underlying momentum/relative strength (RSI) underneath.
The healthcare sector has been in a long term upward trend, with a multi-year sideways/consolidation, and appears to be, at this snapshot in time, headed higher with the possible resumption of the longer term trend.
XLV – Weekly Chart
XLV – Weekly Chart Zoomed In
Quickly Scanning our proprietary Market Rover software algorithm tool, we can see the Rover is confirming the Healthcare Sector (XLV) uptrend (green up arrow), and has recently flashed a fresh new T-Signal trade idea (on 8/15/24) as additional confirmation:
Zooming in closer on the Market Rover embedded chart, we can see a near-term potential (T-1) trade target /price objective of around $157, a potential (T-2) price objective on further bullishness/momentum of around $160, and a potential stop loss suggested of around $148.
Lots of trade potential coming out of healthcare!
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Happy Trading!
