Bullish Breakout In The Guggenheim Shipping ETF (SEA)

Morpheus Trading: The Guggenheim Shipping ETF (NYSEARCA:SEA) has formed a bullish, 8-week consolidation above the rising 10-week MA. We also see the base forming above the “dirty” uptrend line (dotted red line on the chart below):

We call it a dirty uptrend line because there are a few lows on the weekly candles that dip below our trendline. Drawing a trendline for us is more about finding a line that makes sense on the chart, rather than some rule in a trading book.

The only solid rule we have with a trendline is that it must have three touches to be considered valid. Until then, it is simply just a line that may or may not provide support.

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