XLI Industrials Sector Daily Chart Overbot Rising Wedge Negative Divergence Gaps

XLI industrials sector daily chart shows the negative divergence spank down a few days ago from 38. Overbot conditions and rising wedge helped foretell the move. XLI sold off and bounced, now retracing up to the Fibonacci 62% level, so XLI will either receive another spank down here or bust up thru this level. 37.16 to 37.24 is a confluence of the Fib retracement, horizontal support and the 20 MA resistance making 37.20 a key pivot area.

Of interest is the huge volume candle occurring on the intraday low so a test of 35.75 will occur in the days/weeks ahead. The gaps shown in green show a large one above which if filled, would create an M top formation, but many more below, in fact, ominous gaps at 31 to 33 that will need filled some day. Watch the RSI 50% level as a further hint of XLI strength, or weakness. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.