Hi Traders,
I'll stick to the technical analysis on the S&P Energy Exploration & Production ETF.
I have been stalking this for a few weeks waiting patiently for a potential entry.
Now price is retracing into the 50% - 61.8% Fibonacci retracement of the most recent leg higher ($34.13 - $44.97).
Previous breakout volume was way above the 50 Day Moving Average.
As price begins to tag the 100 & 200 Moving Averages I will be entering long with an overall target being the -61.8% Extension marked by the C wave. Please take my target with a hint of salt as I hold on to positions and sometimes compound them on breaks higher, and occasionally trade around a core position.
I do expect price to stall around the previous highs of the A Wave - the -27% Extension.
Stops can either be placed at $36.00 or $33.00
RSI is returning to oversold territory with plenty of room to the upside also.
Trade smart and with a plan.
Cheers. =)
I'll stick to the technical analysis on the S&P Energy Exploration & Production ETF.
I have been stalking this for a few weeks waiting patiently for a potential entry.
Now price is retracing into the 50% - 61.8% Fibonacci retracement of the most recent leg higher ($34.13 - $44.97).
Previous breakout volume was way above the 50 Day Moving Average.
As price begins to tag the 100 & 200 Moving Averages I will be entering long with an overall target being the -61.8% Extension marked by the C wave. Please take my target with a hint of salt as I hold on to positions and sometimes compound them on breaks higher, and occasionally trade around a core position.
I do expect price to stall around the previous highs of the A Wave - the -27% Extension.
Stops can either be placed at $36.00 or $33.00
RSI is returning to oversold territory with plenty of room to the upside also.
Trade smart and with a plan.
Cheers. =)