I believe it was Cubs Rock that asked me to put up a chart and give an opinion on (XHB: 8.88 0.00%).

Since January, the etf has spent more time overbought than oversold. The 50 day average has turned up and is tracking to cross back above the 200 day average. A new uptrend has begun, evidenced by the higher highs and higher lows. A close beneath $18.00 would break this trend.

In the near term, XHB has pulled back from an overbought condition. Volume on the pullback has been large. Support in the area of $20.00 is probable. If one is considering a position, I suggest waiting until the RSI(2) becomes oversold before buying. This could happen within a day or two. 

Personally, I find this chart compelling. I do not know fundamentally why one would buy the homies here, as I do not think the industry will fully recover for several years or more. However, the technicals show a recovery in process. This could very well be due to short covering and speculation.