XLK 43.04: The 8-month rising trendline area is crucial

XLK forms a rising wedge (as shown on the daily chart). Recently it has been consolidating after posting the 43.81 record high (May 27, 2015). The 8-month rising trendline area near 42.75 is crucial support which has to hold in order to maintain the uptrend since the October 2014 reaction low. Clearing 43.81 would extend strength towards the projection target at 45.39. However, a decisive push below the 42.75 area near the trendline would caution bulls and shift the focus towards the 42.09 low (June 9, 2015) then 41.34 near the 200 day moving average.
Outlook:
Short term: neutral
Long term: bullish