MACRO VIEW: XLB IN UNCERTAINTY ON ALL FRONTS
XLB trades within uncertain territory both on macro and micro basis.
On long term perspective price has failed its 10 and 5 year trends, and now trades between 2 macro levels - the 5-year mean at 41.50 and the 10-year uptrend border at 46.50.
On short term perspective price also showing no particular trend - XLB is trading within 1st standard deviations from both quarterly (66 day) and 1-year (264 day) mean.
Thus in general currently more lateral action is most likely at XLB, until it breaks one of the key macro levels outlined on the chart.
On long term perspective price has failed its 10 and 5 year trends, and now trades between 2 macro levels - the 5-year mean at 41.50 and the 10-year uptrend border at 46.50.
On short term perspective price also showing no particular trend - XLB is trading within 1st standard deviations from both quarterly (66 day) and 1-year (264 day) mean.
Thus in general currently more lateral action is most likely at XLB, until it breaks one of the key macro levels outlined on the chart.
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