I'm in this vehicle for a ong time.
It seems to me that the pullback is done. We broke out of the channel and have the testback.
If oil rallies on Monday price will soar after the gap open.
Slow Stochastic had just crossed up, RSI left overbought.
It's a long .
If the main indexes (S&P , Nasdaq, Dow) printed their bottom on Friday it will support the rally in ERX also.
Oil related shares are not buying that SA skipped the deal yesterday.
Maybe somone had to open some long positions at suppressed prices today???
ERX, GASL closed the GAP in one hour...
This is not the start of an oil decline below 30$....
Natural Gas and Crude Oil look like they are taking the lead in turning downward which is going to take ERX (Energy Exploration Companies) down with it. Short below $20
A breakout and a follow through.
+4,67% today.
In the following days we could test back the breakout at 20.00. especially if oil doesn't break out and prints an inverse head & shoulders...
If oil breaks out we just slice through the gap.
ERX (The fund seeks daily investment results of 300% of the performance of the Energy Select Sector Index .) broke out today.
The fund had its biggest rally today since 11.16.2015. The breakout has a good volume.
ERX had a higher low when oil was printing a lower low on 02.11. So the energy shares were pricing that oil is bottoming soon. Based on this oil will...
It's been going down for a long time and for the first time today we've seen an increase in price with good volume. The upside looks a little better than the downside at this moment.
It looks the bottom is not far now, several times traders tried to assume the bottom being hit only to get uglier. Now, seems the time to bet for a bounce and it may pay you off. If you need a real time alert, try us www.2waytrading.com
