Massive bearish outside bar (aka engulfing) pointing to continuation of the small down trend. At the same time a pennant is also being formed. That being said I have been burnt going short in this market before (not the same sector though) and I'd really need strong reasons to go short.
To be specific, in $IYT chart a strong demand zone is at around 182 which limits the space for a short trade right now.
To be specific, in $IYT chart a strong demand zone is at around 182 which limits the space for a short trade right now.
Order cancelled:
Triangle didn't break to the anticipated direction.