Even though XLF broke out last week, it is still trading in a channel which is actually slightly downward tilted. In the near term, no significant resistance exists upside until level $16.7-$16.8 (red circle). Last time, when XLF broke out $15 resistance in early March, it ascended to top of the channel rather swiftly in about a month, so the current forecast is XLF will reach $16.7 level by mid-December this time.
Maybe I am asking this question too early, but I can't help asking if XLF does touch ~$17 level, what will happen afterwards? From the price volume action this time, the break of $15 level this time is accompanied with bigger volume than early March, indicating stronger commitment from buyers, which indicates stronger possibility of breaking $17 level to the upside this time.
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