2waytrading

Bearish Triangle

Short
BATS:SFY   SoFi Select 500 ETF
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Energy stocks sold off Friday big time, and some of them were already in a sustained downtrend this price reversal and profit taking will continue next few weeks. You pick the weak among them and $SFY attracted us as it formed several bearish patterns including but not limited to bearish continuation diamond, descending bearish continuation triangle, rising wedge . This may eventually go single digit stock but this bearish triangle has a measured move to $12 now if you decide to take a short position make your stop loss at recent swing high $15.63 with target price $12.