On Dec. 30 we looked ahead on the Real Estate ETF, IYR. Per the update…
“The key here would be a break above 77 and the SMA 200 which, if successful, would measure out a target of 83 or a test of the highs. IYR has risen above the 50 day averages, which is a start.”
Here is the original daily chart, updated. The pattern’s neckline was broken yesterday on pretty good relative volume. Today IYR is dropping and I am going to add a position on this retest. The ‘stop loss’ is below 77, per the original update. The degree of leeway I’d give the stop loss would probably depend on how I feel about the broad market and interest rates at such time. For now however, IYR has made the move we’d anticipated.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for further research if interested. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.