Is IYT Transportation ETF Double Topping At 2021 High?
Chris Kimble | Nov 19, 2021 12:16PM ET
As the bull market carries on into year-end, some lagging sectors and stocks are just getting back to their early 2021 highs.
Some will breakout (bullish), while some will find stronger resistance and pullback. For the latter, a move lower may raise the prospect of a double top.
And we are seeing just that on the monthly chart of the Transportation Sector ETF (IYT).
As you can see above, the month is not over just yet. However, the prospect of a bearish reversal lower right off a test of early 2021 high is real.
And look at those long topping tails. Yikes! The transports better find some buyers soon or this laggard may continue to fall behind.
Keep an eye on this one into month-end. If it closes near current prices, it will increase the strength of overhead resistance while raising the possibility of a double top. Stay tuned.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.