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also close to the 61 Fibonacci retracement
Rising interest rates put utilities under pressure.
Ideal scenario is a test of the 200 EMA with intraday reversal, bullish candle close and XLB showing some signs of bottom as well.
interesting S/R area - there is way too much momentum but if it reverses and closes with a bullish candle I'm happy to jump in
However, I would wait for a bullish reversal candle and also keep a close eye on a reversal in the XLB because utilities have been under a lot of pressure lately
If the right head doesn't form I could see it drop further to test support at 66.60 which also aligns with the long term trend channel
good risk/reward ratio, especially if it pulls back a tad more
great combination of solid support and 61.8 Fibonacci
this trade worked well the last time, let's do it again.
don't try to catch a falling knife - that's what the long term chart would suggest.
Short term there might be room for short correction and uptick.
Not sure if the stock will react before the earnings release coming up.
looks promising if support holds
however, with earnings coming up I would wait a bit to not get more surprises to the down side
time to go long
what is your opinion? Will FDX continue the trend or does the bearish engulfing candle signal a reversal?
Also, increased volume today, target 200 with possibility of breakout
would this pattern qualify for the inverse head and shoulders or is there not enough of a "head"?
got in a few days ago but still might be a good time to hop on