Hi
@fnbig1 as requested below are daily, weekly & monthly charts for the LIT ETF. I posted all 3 so you can see how similar they look but for time constraint issues & perhaps people don't want to read a 10 page essay on chart analysis I will just be looking at the monthly.
The thick purple line is GXY.
Daily chart.
View attachment 1289333
Weekly chart.
View attachment 1289372
Below is the monthly chart.
Just like the GXY chart I posted last night the LIT ETF is trading above the Kumo (shaded area) so the overall market is considered bullish in the longer timeframe. The Chikou Span (green trailing line) also confirms this as it's trading above the SP.
Both the Tenkan Sen & Kijun Sen have turned flat so this normally signifies a consolidation period is underway in the short to medium timeframe. The Kijun Sen turning flat usually means the SP will be drawn up towards it. LIT is currently trading in a support zone around the $31 zone. So I believe she will trade sideways for the next few months at least. Not a guarantee GXY will do the same, she may move higher/lower depending of price sensitive news (SDV).
The RSI is at 50 but on the Ichimoku chart the LIT fund is actually considered overbought because it's trading high above the Kumo (unbelievable I know!).
Something to keep an eye on would be the black trendline. A long term trendline could be confirmed in the coming months if the LIT ETF price bounces off it. A bounce off this line could be considered bullish if it continues to move higher.
So just like GXY the LIT ETF chart has a few mixed signals in her charts at the moment but seems to have found some support around the $31 mark. If this were to fail the $28 zone is the next support zone.
View attachment 1289504
