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ETF Sector Relative Strength Corner: Automatic Technology Revving Up

by | Sep 16, 2021

Robotics and AI (ROBO) is the ETF for Robotics and Artificial Intelligence and has been a strong performer of late after consolidating its massive 2020 gains of over 45%. ROBO is up 3.3% in September while the overall chops lower. The weekly chart based against its 34 week moving average this summer and fired off a weekly squeeze buy recently which tends to bring multi month powerful trend moves. The daily chart is developing a recent bull flag above the 8 EMA. 

The ETF is more of a stock play since options are not liquid but diving deeper into the top holdings in the group we see ServiceNow (NOW), Intuitive Surgical (ISRG), and Ambarella (AMBA) which are in strong uptrends. Pullbacks to the 21 EMA are buy opportunities as stacked EMA’s persist and the trend clear. One name a little less extended in the sector is Cognex Corp (CGNX) which is a $16B company in the space with a fantastic bullish chart breaking out of 90 this week after a recent dip to the 8 week EMA which was held. Looking for any opportunities to buy dips in the ROBO group into year-end likely continues to work.

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