Have the Russians been buying this ETF? Just kidding. Robert Mueller I was just kidding, but someone has been buying the ETFMG Prime Cyber Security ETF with the catchy symbol (HACK) . Before someone serves me with a subpoena lets look at the charts and indicators.
In this daily bar chart of HACK, below, we can see an uptrend unfolding the past twelve months. The 50-day moving average line has had a positive slope since early October and the 200-day average line has been positive the past year with tests in August, November and February. The On-Balance-Volume (OBV) line has been rising since August and has made new highs to confirm the new price highs. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish position above the zero line but it could cross to a take profits sell signal.
In this weekly bar chart of HACK, below, we can see how well the 40-week moving average line has identified and tracked this bull move. The weekly OBV line has been in an uptrend the past two years supporting and confirming the advance. The weekly MACD is also bullish.
In this Point and Figure chart of HACK, below, we can see a double top breakout at $33.93 and an upside price target of $47.
Bottom line -- Nyet or Da. Traders, whether they can understand Russian or not, could buy HACK around $36 risking below $34 looking for gains to the mid-$40's.
