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This ETF Just Popped Up On My Long Trade Radar

Published 12/12/2018, 12:09 AM
Updated 07/09/2023, 06:31 AM

The iShares US Home Construction (NYSE:ITB) has been under sharp selling pressure since peaking in late January 2018. At that time, the equity traded as high as $46.56 a share, today the ITB trades at $30.83 a share. The current pattern on the charts is still weak and this could indicate a bit more downside before a solid low is formed. When I look back on the larger time-frame charts there should be good support around the $28.00 level. This support area is where the ITB consolidated in 2015 and 2016 before breaking out. Often, when an equity will back test a prior consolidation base it will serve as excellent chart support.

ITB Chart

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