XBM - Long term Consolidation above it's previous consolidationI charted XBM (iShares S&P/TSX Global Base Metals Index Fund) and it's been consolidating above it's previous multi-year consolidation.
Previously, it touched the bottom twice before breaking out. Currently, it's already touched the low end of it's consolidation zone three times.
Maybe it's due for a breakout soon?
I'm dollar cost averaging on the dips.
XBM trade ideas
XBM - iShares S&P/TSX Global Base Metals Index ETFWe are bullish on XBM-T in the short to medium term. XBM has broken out of the July 2014 and March 2018 resistance level. We like the trading channel and believe the price action will continue upward. The relative strength is pushing up against overbought. Our sell target is between $21.00 and $23.00, we will use RSI and trading channel price action to identify a limit sell when the time comes.