The following monthly chart of the Invesco Water Resources ETF (PHO) shows that price has been under stress since January 2022.
This followed a lengthy and unprecedented amount of bullish momentum and rate-of-change activity in the months from November 2020 until this year.
It pushed the price up from a low of 41.21 to a high of 61.07 before dropping to a low of 43.22 by this past June...nearly wiping out all of its gains since then.
If global water resources remain under pressure and continue to dry up, as described in the Zero Hedge article below, we may see PHO retest the 40.00 level, or drop lower.
Keep an eye on a potential increase of bearish momentum and rate-of-change to arise on this timeframe for clues of further weakness ahead for PHO.
Alternatively, look for the reverse scenario occurring to signal a possible retest of the prior monthly swing high, or push higher.