The Medical Devices iShares (IHI) has been moving higher since mid December and is now challenging its late summer high. Also notice that upside volume picked up over the last 4-5 weeks. While a breakout would be bullish, the ETF is getting overbought after a 13+ percent advance off its mid December low.
Click this image for a live chart.
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.
Learn More
