Consumer Staples ($XLP) issues Ichimoku Cloud bullish signal on daily chart

Daily Chart

• Bullish signal issued on daily chart as price closed above Kijun Sen (red line)
• Chikou Span (green line) confirms bullish signal with upward cross through price
• Weekly chart confirms bullish uptrend and ensures trade is with the trend (see weekly chart)
• Leading Kumo (cloud) is green, but is flat and reveals that trading has been choppy recently
• Investors would be wise to scale in since price may be attracted to Senkou Span B like a magnet
• Nimble traders can wait until Tenkan Sen crosses Kijun Sen for further confirmation that upward trend has resumed

Weekly Chart

• Weekly chart is bullish since price is above the cloud, the cloud is green, and slanted upwards which confirms uptrend
• $XLP has traded in a range of $48-$50 since the beginning of the year
• Price has danced around Tenkan Sen (blue line) which is relatively flat  indicating a pause in upward momentum
• Kijun Sen (red line) is rising which is bullish