XLV is shaping falling wedge
Bullish context: weekly uptrend
Price position: near last weekly trend low
Pattern: four consecutive red days with little upthrust (progression of lows)
It looks like previous weekly consolidation area is providing support, and bears are too exhausted to break through it now.
This provides an opportunity for a long play. An example of possible trade is shown on the chart. It is important that today closes above 138.6, otherwise, setup is invalidated
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
Price position: near last weekly trend low
Pattern: four consecutive red days with little upthrust (progression of lows)
It looks like previous weekly consolidation area is providing support, and bears are too exhausted to break through it now.
This provides an opportunity for a long play. An example of possible trade is shown on the chart. It is important that today closes above 138.6, otherwise, setup is invalidated
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
Order cancelled:
Day closed below 138.6.