The FirstTrust Internet ETF (FDN) has been moving lower with the rest of the market, but firmed the last two days. A doji formed on Tuesday and a small spinning top on Wednesday. This firmness is also occurring near the 62% retracement mark and the ETF is short-term oversold.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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