Educational purpose, not a recommendation. Expect a 5% move $59 ~ $60 within a couple of weeks with a close stop-loss of 2%.
ERX as shown on the daily chart shows a VWAP band breakout into the mean VWAP from the lower VWAP lines coupled with a rising momentum on the PMO targeting 72 as the YTD pivot high. Given this is a leverage play in the supertrend shift in a major sector I see this as a low risk moderate reward potential type of trade I will take this trade long expecting...
I think ENERGY is the next breakout pay attention to this sector in the coming weeks
ERX is a bullish leveraged ETF for the energy sector similar to XLE. On the 30 minute chart, the supply and demand zones are displayed from the Luxalgo indicator. The midline between them is the red line which is confluent with the POC line of the volume profile. On the prior down trend last week, price got support from that line and bounced back to the...
If the price breaks out the green line and above of the SMAA 10, the take profit will be 80.51
On the one hour chart, ERX ( triple energy ETF) completed a head and shoulders and is now downtrending with a crash through the EMA 100 and EMA 200 and now one standard deviation below the VWAP. The Momentum Indicator shows downside momentum is greater than it has been in recent months. The inverse ETF called the ERY would be expected to be the inverse of...
ERX Energy ETF made a diamond pattern. If this is a continuation pattern, In most cases price go down first to retest bottom before going up again. Then most probably, ERX may make an island reversal pattern & recover the black uptrendline. The greater wedge pattern must also hold. Then US economy continues to avoid a recession. If this is a diamond reversal...
Look at the HUGE death cross coming to a close to possibly break out into the next golden cross that could be a major run up. This has taken YEARS to form!
Approaching key level for reversal, wait for confirmation!
ERX is now doing abc of wave 4. After this temporary abc retracement completes the wave 4, the final wave 5 will start. See my 2 projected targets for take profits. Set trailing cutloss on previous pivot lows. Crude oil & Natural Gas will have more upside after this retracement. Not trading advice but this is just a “thank you” guide for my loyal followers.
It looks to me like ERX (Direxion Energy Bull 2x ETF) is ironically forming a very bearish outline which seems to coincide with other bearish indicators for oil and equity markets. What's interesting here is the coexistence of a rising wedge form (highlighted in orange) with what appears to be quite a tidy Elliot wave count. There is a pretty clear set of 5...
Gab to fill below and continuation of bullish channel should support bullish thesis. The petro dollar CDN should track closely as well.
Great demand zone for a long. Risk under level
Playing a multiple bottom. Energy has been trading down while the rest of the market has been setting new highs leading me to believe this sector has been overlooked. Usually Id wait for price to break the 50EMA but with the multiple bottoms showing a strong support level, I believe entering now before the bullish EMA cross over is not that big of a risk.