GUSH Bullish Divergence
Very strong Triple Bullish Divergence on the daily timescale, strong reversal after multi-week downtrend right at the well-established demand line. Oil prices could skyrocket sure to ongoing Suez Canal blockage. Safe bet.
Keep in mind that leveraged ETFs can suffer from decay over long periods of time so holding this asset long-term (months, years) increases your risk. Targets: $90, $100 (psychological), $110 but it could go much higher in time. I don't think stop loss is necessary for this trade but one could place it around $60, just below previous swing low.
Keep in mind that leveraged ETFs can suffer from decay over long periods of time so holding this asset long-term (months, years) increases your risk. Targets: $90, $100 (psychological), $110 but it could go much higher in time. I don't think stop loss is necessary for this trade but one could place it around $60, just below previous swing low.
Trade active:
We got ourselves good entry on that gap fill today.
Comment:
Do or die for GUSH, we're below the trendline now. If it doesn't hold and start bouncing soon we might be getting stopped out. $60 will be the real test, it needs to hold if we hope to go higher. Please keep in mind that this is leveraged ETF so if it breaks below critical levels like this it might never reclaim them again due to decay over time.