$XLB Materials looking overbought!
Updated
Conviction: 4/5
General Thesis
Growth
N/A
Value
N/A
Fundamentals
N/A
Potential Risks
General Thesis
- reaching long-term upper bound on channel (2007)
- Weekly RSI showing bearish divergence
- weekly MA look like they might be turning over
- Timeframe: 1 year-ish
Growth
N/A
Value
N/A
Fundamentals
N/A
Potential Risks
- continued inflation + seller pricing power
- could go on for longer
Comment
relative performance to SPX not giving much signal
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