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IYR: Real Estate ETF Breaks out

Published 02/13/2013, 01:28 AM
Updated 07/09/2023, 06:31 AM
DJI
-1.69%
IMOB
0.91%

IYR which is the Ishares Dow Jones Real Estate Index Fund, broke out today breaking above highs at 68.31 which capped this ETF since September. This is a classic break out/ascending triangle, the high and resistance was put in place in September. This level was eventually tested in early January, but was unable to get above this level. But IYR pulled back slightly and after pausing at 67.19 IYR challenged this level again and today broke it. The one caveat too this break out is that it lacked a strong volume breakout, as the volume did not even get above its 200 ema.
IYR22
What this break out means is that the 68.31 level is now support. This level is also a broken support from 2008, so breaking above this is significant. IYR really has room to run now that is above this level and the next resistance can is around 71.45 which is resistance level from 2008. This level can be seen on the weekly chart below. A potential price target for IYR is about 4.5% higher from there which is also the next resistance level. The potential price target is based on the size of triangle, which is seen in the live chart above. Past this level IYR would hit more resistance at 75.41 and start to see more resistance as it nears they 2007 highs.

Right now IYR is looking bullish based on its chart and should be considered a long play, as long as it stays above 68.31 and 67.15. Follow through tomorrow would confirm the move up to 71.45
IYR 2
IYR 3

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