2 days ago, when price was rejected by downslope of 20 EMA, my short position at 74.5 was triggered. Stop loss at 75.4 where there was a minor resistance.
Seems like a variant evening started at 200EMA level but price closed below 200EMA with increasing volume.
Profit target will be 70 which coincide again with the S/R zone between Mar-Apr
This SPDR S&P Oil & Gas ETF is reflected in the movement of stocks like XOM, CVX, etc
And it is a BIG head & shoulder pattern from april until yesterday!
Seems like a variant evening started at 200EMA level but price closed below 200EMA with increasing volume.
Profit target will be 70 which coincide again with the S/R zone between Mar-Apr
This SPDR S&P Oil & Gas ETF is reflected in the movement of stocks like XOM, CVX, etc
And it is a BIG head & shoulder pattern from april until yesterday!