Loading ...ERY Update
Looks like the structure in ERY has been a bearish flag which is now breaking down so we need to turn out attention to ERX possibly. I was able to get out at break even which is what you want when you’re wrong about a trade and it’s why risk/reward is so important on entries and why I don’t chase price and instead buy support.
I will start looking at ERX for entries…..no position yet.
Looking at WTI´s possible DT and its neckline which I posted earlier today, together with WTI 60 min right now, I would suggest that we are seeing a FBO on ERY. Hence, I also think this is the end of the line for WTI and I think it will drop from here. WTI is following the neckline of the DT precisely. And I think the inverse h&s on WTI e.g. 60 min will be negated by the neckline for the DT. That´s my take as for right now.
Most energy stocks are based on Oil and gas prices. Today Natgas reversed. (DGAZ) had bearish reversal. Plus ERX is about to break out of Head and shoulder soon.
I dip my toe in to ERX near closing.