Real Estate Finally Ready to Break Out

The Real Estate turn around has been one of the most anticipated market turns over the last 2 years. And despite lackluster turnover in the actual housing market the Real Estate iShares ETF, $IYR, has been leading the charge in anticipating the event. From the chart below it broke through the neckline of an Inverted head and Shoulders pattern in August of 2010 that has a price objective of at least 92.80, well above the current value (green indicators). In October 2010 it retested that neckline and has been moving higher since. Now it is on the verge of creating a

bigger Inverse Head and Shoulders (blue indicators) that would trigger on a move over 62.50. This one has a price objective of at least 105. Will the momentum continue to carry it over the new neckline or will a slow selling season bring keep it in check? Watch for a the break.

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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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