This idea is for a short options swing trade:
* All of energy did well today, not just XOM
* XLE up around 1.02% at present time
* Unusual high volume in the premarket this morning
* This got me to thinking it's being accumulated
* Nothing much happened during the day, but for the power hour there are some nice confluences
* Channel Break, though I would like to see more volume so monitoring some more
* Bullish Inverse H&S pattern
* VWAP suggests buyers are supporting stock
That's pretty much it. This has been in a heavy down trend for quite some time and is finally showing possible signs of reversal. The big question is: Is this accumulation?
Possible Reward: 1.50 — 3.00
* All of energy did well today, not just XOM
* XLE up around 1.02% at present time
* Unusual high volume in the premarket this morning
* This got me to thinking it's being accumulated
* Nothing much happened during the day, but for the power hour there are some nice confluences
* Channel Break, though I would like to see more volume so monitoring some more
* Bullish Inverse H&S pattern
* VWAP suggests buyers are supporting stock
That's pretty much it. This has been in a heavy down trend for quite some time and is finally showing possible signs of reversal. The big question is: Is this accumulation?
Possible Reward: 1.50 — 3.00