ItsBones

Support In A Downtrend

AMEX:XOP   SPDR SERIES TRUST
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Appears to be trying to roll up after losing primary channel (blue). Generally bearish bias, with MACD bearish and RSI bearish as well.
Short term potential for a wedge breakout, rolling up into a volume shelf at the 52-53 level which could act as resistance, as well as previous support lost at 54.50 which would also act as resistance. Like to see these resistances fall before considering a long play. Failure to overcome the resistances would be a a nice position to enter into a short or puts.
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