XLE: Potential short setup

6 months ago
XLE             is right at an 8 month level, and about to hit a key level resistance, so I'd like to get short with a wide stop loss speculating on confirmation of the downtrend continuation in the monthly. You can see the 50% speed line of the recent decline on chart, which would be good to see price respect to stay short or enter shorts here.
Volatility is high, so stick with the 3 ATR stop on chart.

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Ivan Labrie

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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance             on such information.
6 months ago
Comment: Once we break back under 66.57 we'll be safe in this trade.
6 months ago
Comment: Gap down, good, now if we break down, we're good to go.
6 months ago
Comment: If we gap down below the 'Brexit key level' on chart, we'll slide down as forecasted.
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