SPDR S&P Metals & Mining Broke Resistance

Published on Tuesday, 24 January 2012 09:42 Written by TradersHuddle Staff

New York, January 24th (TradersHuddle.com) - Shares of SPDR S&P Metals & Mining ETF (NYSE:XME) closed the trading session at $53.55 just above calculated resistance at $53.44 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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.

SPDR S&P Metals & Mining's stock was trading in a well defined range with support at $47.94 and resistance at $53.44, given that this range was broken traders will be closely monitoring the stock