A potential inverse “Head & Shoulders” neckline is being tested right now by the REIT ETF (IYR) in the chart below.
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If long IYR, add a protective stop below current prices. For those that don’t own IYR, if it breaks above the neckline, go after it, using the neckline as a stop.
I know the news about Real Estate is anything but favorable. Just sharing a pattern that has sizeable potential.
You sound like a good owner of these ETF! Great job and good luck!!!
I would hold onto the VNQ for sure, with the stop. Neckline goes to the upside, non-owner would want to buy!
EPU and VNM look good!
Thanks Chris for your analysis on VNQ. I bought this ETF in July and I was wondering if I should take profits. I guess I will hold out a little longer but put a stop loss on at these levels.
I also wanted to know something about EPU and VNM. I asked about them in your ECH blog. Do you they look to be up against resistance?
I bought EPU in the middle of May and VNM I bought at the end of August.
As always, thanks for your insight. Note: I sure need to learn about resistance.
The necklne should be left in the rear view mirror. Maybe without a kiss goodbye
It does! Patterns look almost the same…
Does the same analysis apply to VNQ as well?