MysticBlubber

XLK RSI & OBV Bearish Divergence

Short
MysticBlubber Updated   
AMEX:XLK   SPDR Select Sector Fund - Technology
  • RSI shows bearish divergence on the price peaks
  • OBV show bearish divergence; in this last leg up the OBV has been declining.
  • Price was starting to form a bearish wedge but fell out quickly, bounced from 100 SMA.

Using Fib extension of 1.618 of an "ABC" pattern to project target, forming a double bottom from the most recent major correction. Duration of C leg is not to scale.

Trade active:
Short entered at 81.88
Trade closed: stop reached
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