UNDER PRESSURE {{HTML1}}From a technical view, the ETF has validated a rising wedge pattern which argues for a drop.

Regarding technical indicators, the daily RSI is reversing down from a key declining trend line while both the 20-day and the 50-day moving average are turning down increasing downward momentum.

On a relative basis against the IVV S&P500, the iShares Dow Jones U.S. Telecommunications Sector Index Fund is trading within a bearish channel and looks set for a new down leg.

Trading strategy:

Short Sell @ $23.95 - Stop loss @ $24.60 - Target @ $22.60

Copyright 1999 - 2013 TRADING CENTRAL