ITB – ISHARES HOME CONSTRUCTION ETF

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Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section The ISHARES US HOME CONSTRUCTION ETF listed on the New York Stock Exchange. The ETF might be forming a H&S top failure. Below you will also find a short educational video on how H&S top failure can develop, trigger a fresh buy signal and how to measure price objective.

ISHARES US HOME CONSTRUCTION ETF (ITB)

The ISHARES US HOME CONSTRUCTION ETF seeks to track the investment results of the Dow Jones US Select Home Construction Index composed of US equities in the home construction sector. The Fund generally invests at least 90% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Index. The ETF is listed on the New York Stock Exchange. Price chart formed a 4 month-long head and shoulder top with the horizontal boundary acting as strong support at 51.80 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close below 50.25 levels will confirm the breakdown from the 4 month-long head and shoulder top with the possible chart pattern price target of 44.8 levels. I’m also monitoring this chart for a possible H&S top failure. A breach above the high of the right shoulder will negate the H&S top chart pattern. A daily close above 60 levels (3% above the high of right shoulder) can be used as a breakout confirmation to trade the chart pattern from the long side. Price objective for the H&S top failure stands at 67 levels. (Data as of 17/12/2020)

A short educational video on H&S top failures

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