This Health Care ETF Looks Interesting
InTheMoneyStocks.com | Apr 17, 2019 01:19PM ET
As we all know, the health care stocks have been getting crushed this week. In fact, a fair case can be made that they have struggled since early March 2019 when the Health Care Select Sector SPDR Fund (NYSE:XLV)) traded as high as $93.45 a share. On Wednesday, XLV traded around the $86 level. Traders can easily see that XLV is now trading sharply below its important 50- and 200-day moving averages – generally viewed as a sign of weakness and can be an indication of further downside action in the sector.h3 A Silver Lining/h3
Now before we get too negative, traders should note that there is some saving grace for the sector coming up. First, the 100-week moving average is around $85.60, so this is going to be important support for the XLV, near term. Second, there is also a very strong retrace level coming up as well and this could help support the XLV in the near term around the $85.50 level. So technically speaking, the XLV looks very attractive at this time despite the selloff among many of the leading healthcare stocks.
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