In our December 18th Keys To This Week report, we pointed out an emerging buying opportunity in the the SPDR S&P Metals and Mining ETF (XME) and said:
“A sustained rise above the upper boundary of this investor indecision (in XME) at $33.40 per share, which is currently being tested, would indicate the larger uptrend has resumed and would target an eventual, additional 19% rise to $39.50 per share”
Here is the chart from that report:
The next chart, an updated version, shows that XME traded as high as $39.45 today, essentially meeting our $39.50 target to capture a $6.33 per share, 19% advance in just about 3 weeks.
In addition, XME outperformed the benchmark S&P 500 (SPX) by 12% during this 3 week holding period.
We publish these notifications for 3 reasons:
- to let Asbury Research subscribers know when to consider taking profits on existing positions,
- to let non-subscribers track what we are doing in the market, in real time, and
- to make everyone aware of a potential upcoming price reversal as price advances often end as upside targets are met and more savvy investors take profits.
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