The reason I chose this ticker is due to the fact that XLB (basic materials sector) has fell under 50% stochastic currently sitting at 36%. Since Dec of '20, price has reached near the high of $120 about 4 times. It seems like price is currently testing support and is near a strong support. My daily, 4 hour, and 1 hour time frame matches with the RSI being oversold and the mac on the green side. I used a Fibonacci tool to track a retracement percentage up to 61.60% of the previous high. It looks like price could be ready soon for some type of retracement.
What do you think?
What do you think?