themarketzone

Is it going to run out of Fuel? Bearish Bat completion

AMEX:JETS   U.S. GLOBAL JETS ETF
With the drop in oil             prices, $JETS, the new ETF that holds airline companies like Delta ($DAL), American Airlines ($AAL) and southwest airlines company ($LUV) had a very nice rally during the month of July.
The $ETF rallied all the way up to the 88.6 Fib level to complete a bearish Bat pattern and declined from there.

The pattern's targets are 23.5$ and 23$ which also come with daily support zones.

The current price level offer about 1:1 R/R ration for the short position with stop loss above X and 23.5$ as initial target zone.

This might work with the bullish scenario I posted earlier for oil            
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Tomer J,
The Market Zone - You trading Edge
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