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Our long position in iShares U.S. Medical Devices ETF ($IHI) is back in trend mode after a six bar consolidation above the 10-day MA. Yesterday’s gap to new swing highs could lead to a another 2-3 points of upside. The trade should be in good shape in the short-term as long as the price action holds above the dirty uptrend line. We call it a dirty uptrend line because there are a few candles that the line crosses through, but we have always taken the approach that technical analysis is part art and part science. With trendlines, we go with what makes sense.

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