SPDR S&P Metals & Mining Close to Support?

Published on Wednesday, 08 February 2012 09:28 Written by TradersHuddle Wire

New York, February 8th (TradersHuddle.com) - Shares of SPDR S&P Metals & Mining ETF (NYSE:XME) are trading very close to calculated support at $53.54 with current price action closing at just $55.73 places the stock price near levels where traders will start paying attention.

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.

Traders wanting to establish a position should place close attention to SPDR S&P Metals & Mining's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $57.06 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

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.