This ETF launched in 2013 and has been moving within the blue line range from $33 to $29 for the last 11 years.
Since the COVID low in 2020, we have seen a reset and the formation of a potential impulse wave, as the price has held between the 0.5 - 0.618 Fibs for a potential Wave 2.
Price has also bounced above the 50 and 200 Day MA too, if this can continue up to the blue line, then the bull case can be triggered and this would be an attractive add for a long term investor to take advantage of reliable dividend paying companies.
Any loss of the 200 Day MA and this will likely move down to Wave B.