A Textbook Advance in Aerospace & Defense 🌤️ The Morning Print
Good morning!
Aerospace & Defense stocks are on the cusp of new all-time highs.
This is one group that has consistently respected its Fibonacci extension levels.
Let's take a look.
After resolving higher from a multi-year base in early 2024, the Aerospace & Defense ETF ($ITA) went on to double.
Throughout the advance, price has reacted to each Fibonacci extension.
The 1.618% extension, known as the golden ratio, took about seven months to clear before price surged to new all time highs toward the next target.
Notably, $ITA retested the 2.618% extension after it initially capped the rally, successfully flipping prior resistance into support.
These extensions have behaved like magnets, and the next measured objective sits near $325.
Given how precisely this group has responded to prior extension levels, the path toward that target appears constructive.
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