Update on last week – new position in IFF

The position in International Flavors & Fragrances Inc (IFF) vs SPDR Materials (XLB), shown last week, has now been entered. The pair broke below the 20 June low on 05 September.

The position is opened at the closing value of 05 September of 1.94066. The stop loss is above the 06 August high, which is 5.8% above the entry level.

The daily RSI is now oversold so there may be a short term recovery but it is the longer term divergences that have prompted this position.