Chart of the Day - Monday, June 7th, 2021

Today’s Chart of the Day was shared in a note by Arthur Hill (@ArthurHill). It's a daily bar chart of the 5G ETF, $FIVG, over the past year. The top stocks in this ETF include NXP Semiconductors ($NXPI), Analog Devices ($ADI), Ericsson ($ERIC), Qualcomm ($QCOM), and Nokia ($NOK). There aren't too many Tech-related ETFs trading at all-time highs right now, however, Arthur points out that $FIVG is one of the few exceptions. In the note, Arthur explains, "FIVG surged from early November to mid-February and then consolidated with an Ascending Triangle into early June. This is a classic bullish continuation pattern where the upper line represents overhead supply (resistance) and the lower line represents rising demand (higher low). Overall, this is a consolidation within an uptrend and the breakout signals a continuation of that uptrend. There could be some backing and filling, but I would stay bullish as long as 35 holds on a closing basis." Check out the full note here.