PowerShares Wilderhill Clean Energy Portfolio ETF (PBW) is just starting to break through the neckline of a Head & Shoulders bottom reversal pattern. Neckline resistance was at $9.80 with the target for the pattern at $10.81, or 10.3%. The close of last week was at $9.81.
PBW ETF Chart Analysis
The target is determined by taking difference between the bottom of the head at $9.05 and the price at the neckline on the same period, which was $10.06, for a difference of $1.01. Adding $1.01 to the breakout price of $9.80 gives a target of $10.81, or 10.3%.
PBW ETF Chart Analysis
This price resistance area identified as the minimum price objective based on the Head & Shoulders bottom is confirmed by the 61.8% Fibonacci retracement level of $10.84 based on the retracement of the downtrend started from the January 11, 2010 high. (www.etftrends.net)
