XHB 37.50: Bullish – Posts new 8-1/2 year highs

XHB rallied off 34.44 (May 4, 2015 weekly low) to post a new 8-1/2 year high at 37.78 (June 24, 2015) near the potential rising wedge resistance (as shown on the weekly chart). If bulls continue to main strong momentum, further strength is expected to open the 38.69 projection target ahead of the 40.03 high (February 2, 2007). The 36.14/35.38 support zone which houses rising trendline from October 2014 low, should hold dips. Only a push below there would signal wedge breakdown and weaken towards 34.44.
Outlook:
Short term: bullish
Long term: bullish