White line is MVC's entry price.
While it seems like the descending triangle was invalidated, SXP is nowhere close to being out of the woods yet. Still sitting below all three SMAs (50, 128, and 200) with extreme resistance above at ~2.70 I wouldn't touch a long until SXP is above the 128 (~3.25).
While it seems like the descending triangle was invalidated, SXP is nowhere close to being out of the woods yet. Still sitting below all three SMAs (50, 128, and 200) with extreme resistance above at ~2.70 I wouldn't touch a long until SXP is above the 128 (~3.25).
Comment:
SXP was rejected perfectly by the 200 SMA and is approaching its lows. A breakdown of 1.65 would be bad. SXP still sits in a no trade zone.
