Wednesday, September 13, 2023

XHB Homebuilder ETF Chart Analysis: Bearish Signals

I've been watching the rounding top forming on XHB the Homebuilders ETF for awhile now. It has signaled bearish again on a major level failure and trend support breakdown. It is a triangle that just broke down. You can see the top formation and major levels crashed through. I am bearish on the price and expect it to test $77 next and likely lower. Here is the long-term chart where you can see the long-term uptrend support it can fall back to.

Here is a 3 month chart analysis that shows the trend breakdown clearly and major level rejection.

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