WOOD & XHB ETF trader tip: Using the charts, Chris Vermeulen at The Technical Traders goes over the Materials ETF WOOD and the Homebuilders ETF XHB. WOOD has had a very strong run from the covid lows and has been flagging sideways for a good chunk of this year, really forming what looks to be a big basing formation.
XHB has been performing exceptionally well over the last month and a half. It had a fairly minor pullback and started to reverse back up to the recent highs. Based on the charts, we have a potential for about a 14% rally, if the stock market can find a bottom and start to rally and continue to extend into the end of the year.
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Disclaimer: None of this material is meant to be construed as investment advice. It is for education and entertainment purposes only. The video is accurate as of the posting date but may not be accurate in the future.