Close to the 50 Day - SPDR S&P Metals & Mining

Published on Friday, 20 January 2012 08:42 Written by Danny Miller

New York, January 20th (TradersHuddle.com) - Shares of SPDR S&P Metals & Mining ETF (NYSE:XME) closed the trading day at $53.11 close to its 50 day moving average currently set at $51.65. SPDR S&P Metals & Mining's price action is just above this important support level translating into a trading opportunity.

SPDR S&P Metals & Mining ETF (NYSE:XME) seeks to provide investment results that correspond to the price and yield performance of the S&P Metals & Mining Select Industry Index. The Index represents the metals and mining sub-industry portion of the S&P Total Market Index. The Fund invests in industries, such as steel, coal and consumable fuels, gold, precious metals and minerals, aluminum, and diversified metals and mining.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $47.94 and calculated resistance at $53.44. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on SPDR S&P Metals & Mining will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.