The Dollar Index Fund — Major Weekly Breakout

By | November 19, 2016

The strength in the dollar recently has taken shares of the Power Shares US Dollar Bullish Index Fund (UUP) through long term technical resistance.

100014953-spxweeklydollar

100014953-spxdaily-dollar

A large two year triangle formed on the weekly chart and that downtrend line has been taken out in trading this week. The break out could be seen coming on the daily chart as the fund price compressed in smaller fractal versions of the larger triangle and then broke out in sequence from those iterations. The technical indications on the weekly chart are all positive and the pattern price projection, if achieved, targets a major upside objective.

Leave a Reply