2017 hasn’t been kind to the Telecommunications Sector and several telecom stocks.
The Telecom Sector ETF (NYSEARCA:IYZ) is down over 15% this year, with the past two weeks providing a thud to the decline.
The carnage in the sector can be seen on the weekly chart for IYZ below.
But there could be a silver lining for opportunistic (and disciplined) traders here… Here’s why:
- The Telecom ETF is at a cluster of price support (point 1). Â This includes a variety of trend lines, including the current underside of the broader bullish channel formed since 2009.
- Momentum is at its most oversold in the past few years.
Keep this one on your radar.
Telecom Sector ETF Weekly Chart
Twitter:Â Â @KimbleCharting
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
