After the Q’s clearly lost their 200-day MA’s & then the bottom of the multi-month trading range to fall & hit T2 on the daily chart, that broad-based selloff took IGV & the software (tech) stocks down for a new 52-week low. On April 10th, the very day IGV bottomed, I once again highlighted it as one of my favorite longs, stating:

“If so, & the market is able to breakout to new highs & hold (and build on) that breakout, IGV is one of the better looking sectors, IMO, & will likely outperform the broad market & QQQ.”

From there, IGV rallied 25% so far vs. a 17% gain in QQQ over the same time period and a 9% gain in the broad market (i.e., the S&P 500), solidly outperforming both. At this time, my maximum upside target is the 94.43 price resistance level & intersecting 200-day MA, although negative divergence on the RSI & overbought conditions indicate the likelihood of at least a correction before then, as well as the potential that the 25% bear market rally may have run its course.

Should IGV pull back before rallying to that max. potential target which comes in around 7% above, other than the current support level it is currently testing (around 88), the next support level & objective long entry (assuming the charts of both IGV & QQQ confirm, at that time) would be the 83.50ish support level. Previous (March 2nd, April 10th & April 14th) followed by the updated daily chart below.

IGV-daily-March-2nd

IGV-daily-April-10th

IGV daily April 14th

IGV daily May 14th

SHOP daily Dec 3rd

SHOP daily Feb 4th

SHOP daily May 12th

As T3 is now the final price target, SHOP will be moved from the Active Trades category to the Completed Trades archives without any additional updates, unless requested.

ABT daily April 30th

ABT daily May 12th

For those still long the stock, my thoughts were shared in this reply earlier today: https://rightsideofthechart.com/shipping-sector-swing-trade-ideas-5-11-26/#comment-38997