The daily chart on XLU provides rationale to keep a place on our watchlist. Recently it made a golden cross and seems to have broken free of a downdraft in price. Now it looks like the RSI could be searching for overbought.
One option is a momentum trade targeting the $71+ price. Personally I'd like to see it hit overbought, then that a position of it pulls back...
There looks to be the makings of a bottom with a potential breakout ahead, as TEAF has posted a slight uptick in momentum while the 50 day MSA begins to flatten out. No options available in Robinhood so this could be something to average into with a stop loss and the hope of a breakout on the coming weeks.
Selling PUTs on Natural Gas ETFs seems a decent income prospect at the moment. Not only are there auspices of a falling wedge breakout, but an increase in momentum may be acting as support at the lower end of a months long trading range. These formations are already seventy five days in the making, providing some confidence in the likelihood of our bullish...
