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August 29, 2005
Networking Trouble
Corning (GLW), Motorola (MOT) and QualCom (QCOM) have made the Networking iShares (IGN) one of the top performing ETFs over the last few months. The uptrend remains, but IGN is having trouble around 30 as bearish candlesticks form. A bearish engulfing and a shooting star formed over the last few weeks (red ovals). These require confirmation and a move below 29.2 would do the trick. As long as last week’s low holds, the candlesticks are not confirmed and this is just a consolidation.
Posted by Arthur B. Hill at August 29, 2005 07:21 AM