I called out EUFN
as a potential short on bad news for European Investment Banks. Although I cashed in on a pretty sweet trade, I still think this ETF
has room to tumble. Notice that it is still solidly within a large Ichimoku cloud
of resistance, and it does not appear that this asset has near enough momentum on the upside to break out. The OBV, MACD
, and RSI
all seem to indicate a downward trajectory. With think volume
, this asset likes to gap, so we can perhaps bet on a big gap downward tomorrow (although we may see a slight retracement before the big move). Note that we are in a relative vacuum zone and there is a strong level at around 21.03, and another at 20.58. With continued QE
from the ECB, and the FED threatening to raise interest rates, this definitely might be a good short position to hold onto for a while.