Let’s follow up on Scott’s $XME chart from last week – February 15, 2022
XME
This is Scott with your Chart of the Day. I want to follow up on the Metals & Mining ETF ( NYSEARCA: XME ) that I showed you last week. You can see, over the last couple of days, we have broken above this long base of consolidation that I was pointing out and it has just been going. In fact, if you look at just the amount of green bars it is pretty amazing.
The way I have my chart setup is, just that the bar is green if it closes higher than the open. And so you can see how many of the closes we have had that have been higher than when it’s opened, it’s unreal. We have a real breakout here in XME ( NYSEARCA: XME ), which I think is really important. Because on the weekly chart, as you can see, it’s really just kind of been going sideways for months, and months, and months.
I really think that this is a sector that we want to keep an eye on and look for an entry probably closer to that daily 8-exponential period moving average. It actually had a nice upside reversal here on Friday. Of course, we had Gold running on Friday, we had Metals & Mining ( NYSEARCA: XME ) running on Friday. Ever since then it has just continued. And despite the fact that some geopolitical fear has left the market. I think it is interesting that this hasn’t broken down yet.
There is real money coming into XME ( NYSEARCA: XME ) and that makes it something that I want to keep watching for the next few weeks. I think it is worth keeping an eye on, even if you miss the initial entry watch for one closer to the 8-day exponential period moving average.
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