XHB $35.75: Consolidates above a 2-month range support at 35.01

XHB has been consolidating within a 2-month range between March’s 35.01 low and the 37.31 YTD peak (March 31, 2015). While the 35.01 range support holds dips, back above the 36.59 resistance (April 16, 2015 high) would suggest basing and offer scope for further bullish momentum towards 37.31. Clearance above the latter is needed to complete the 2-month long consolidation and extend the uptrend trend higher. However, if bears manage to break below the key 35.01 support area (which houses the 89 day moving average) would signal near term topping and expose 33.73 (200 day moving average0.
Outlook:
Short term: Neutral
Long term: Bullish while the 200 day moving average holds