XLE possibly bullish
I believe we are in a long-term, deflationary bear market. Trading has been choppy and difficult.
However, many charts are reacting bullishly to yesterday's comments by Powell. It may be time for a "risk-on" rally and some low-risk trades might be available.
Here, energy stocks are showing a slight break from a descending wedge.
The MACD and RSI are showing divergence during the drawdown. XLE and Oil are both oversold.
The stochastic is just starting to rise.
I would consider buying a small GUSH (3x) position on an intraday pullback, targetting the 50ma.
However, many charts are reacting bullishly to yesterday's comments by Powell. It may be time for a "risk-on" rally and some low-risk trades might be available.
Here, energy stocks are showing a slight break from a descending wedge.
The MACD and RSI are showing divergence during the drawdown. XLE and Oil are both oversold.
The stochastic is just starting to rise.
I would consider buying a small GUSH (3x) position on an intraday pullback, targetting the 50ma.
Trade active:
In GUSH at $15.41.
XLE went down to backtest the wedge nearly perfectly. With Oil so oversold, any shadow of "news" out of G20 can spark a rally.
Gold miners also being bought up intraday, suggesting a short term dollar top could be imminent. Although I am long some miners, it has been a terrible trading there so I don't want to talk about it much.
XLE went down to backtest the wedge nearly perfectly. With Oil so oversold, any shadow of "news" out of G20 can spark a rally.
Gold miners also being bought up intraday, suggesting a short term dollar top could be imminent. Although I am long some miners, it has been a terrible trading there so I don't want to talk about it much.
Trade closed: stop reached:
It was profitable for one day and then rolled over quick. I was hoping for a least one week, but such is the strength of the global bear today.