Morning chart- XLP forms triangle!

Hello Everyone,

The Consumer Staples ETF, XLP has formed a ascending triangle

near the top of it's range. The 49.67 high would be the number to watch here for a breakout.

ADX is low and possibly heading up showing strength may be coming in as + di has turned to an early buy signal.

March  call options could be used for a longer position just under the 50 strike with the IV at the lower end of range.

Posted to Stock & Option Scout on Jan 21, 2015 — 8:01 AM

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