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MysticBlubber
Oct 7, 2019 6:35 AM

XLK RSI & OBV Bearish Divergence Short

SPDR Select Sector Fund - TechnologyArca

Description

  • 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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