erx after an incredible run has pulled right back to major support with markets going green here we could be in for a multi-day bounce here. this looks decent for a swing entry with a 2 dollar stop . there is no resistance till the 35-36 area for a first target
ERX looks like it completed a bottoming pattern similar to an inverse H&S with increasing volume. It has closed over the 50 day MA for three straight days, and the 10 day MA should close over the 50 day MA today as well. These will both be firsts since it has been searching for a bottom. Momentum is picking up as it sits at a major long term inflection point.
With WTIC moving higher the OIL sector stocks are finally starting to react. GUSH and ERX both looks promising here. GUSH had a big day up over 10%. ERX I am looking to go long with a move over the 50sma. Tomorrow may be a buy.
Are you looking for an Energy Sector Bull ETF? This might be the one, because noted bear trend run has came down from $44 to $24. MACD is crossing and purple noted BEAR trend line (still has not been broken), which would be a 100% confirmation. Last noted candlestick was around $2.00 (green).
You might want to look into this ETF, especially if SPY 500 does an...