IEO has a very clear suport and ressistence so my guess is that when it reaches the support I will buy and when it reaches the ressistence I will sell. This is not financial advice you do not have do follow or do anything I am saying this is just a thing I have came across and I wanted to acknowledge it.
iShares U.S. Oil & Gas Exploration & Production ETF (IEO)
As the name suggests, this ETF holds oil and gas companies specifically focused on exploration and production. It counts ConocoPhillips (COP), Marathon Petroleum (MPC) and EOG Resources (EOG) among its 10 largest holdings (out of 100). Right now, the IEO is the dog’s dinner – down 53% year to date....
12/Dec/2019 03:35 PM AUTHOR: Brandon Gum
Just broke out of the RSI uniformity setup. Can still get rejected from the topside RSI line.
This is a pretty ugly chart, but I still think the stop and trgt are reasonable.
Still working on my targets here.
Low Conviction. No position.