REIT ETF Completes H&S Bottom

08/05/2009 9:22 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

chart
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The Vanguard REIT ETF (VNQ) closed strong on Tuesday and above the neckline, completing a reverse head-and-shoulders bottom formation. Many of the individual REITs were also strong. The volume pattern is consistent with the bottom formation which has upside targets in the $50 area and strong chart resistance at $53.

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