Wednesday , February 19 2020
Home / Jay Taylor Media / Inverse Energy ETF AT Breakout Level – Could Rally Further

Inverse Energy ETF AT Breakout Level – Could Rally Further

Summary:
February 4, 2020 Following up on an exciting article we shared with friends and followers on January 17, 2020, it appears ERY has reached the first stage for profit taking with a fairly strong potential we may see this rally continue even higher.  Please review the following repost of our original research and analysis of ERY back in early January. January 17, 2020: ENERGY CONTINUES BASING SETUP – BREAKOUT EXPECTED NEAR JANUARY 24TH ERY Bear Energy ETF – Weekly Chart At the time we authored this ERY article, our team of dedicated researchers believed that Oil would retrace from recent highs near and continue to move lower – targeting the low to mid price level.  Our expectations were that a move in ERY from near ~ to an initial target level near ~ would be an

Topics:
Chris Vermeulen considers the following as important: , , ,

This could be interesting, too:

David Haggith writes What to Make of the Bureau of Lying Statics’ Contradicting Jobs Reports

Daily Pfennig writes Batten Down The Hatches & Look For Bargains…

Charles Hugh Smith writes COVID-19 Pandemic: The Complacent Are Clueless

Charles Hugh Smith writes The Fed Has Created a Monster Bubble It Can No Longer Control

Following up on an exciting article we shared with friends and followers on January 17, 2020, it appears ERY has reached the first stage for profit taking with a fairly strong potential we may see this rally continue even higher.  Please review the following repost of our original research and analysis of ERY back in early January.

January 17, 2020: ENERGY CONTINUES BASING SETUP – BREAKOUT EXPECTED NEAR JANUARY 24TH

ERY Bear Energy ETF – Weekly Chart

At the time we authored this ERY article, our team of dedicated researchers believed that Oil would retrace from recent highs near $65 and continue to move lower – targeting the low $50 to mid $40 price level.  Our expectations were that a move in ERY from near $39~$42 to an initial target level near $55~$57 would be an excellent opportunity if Oil broke lower.  You can see the CYAN Fibonacci projected target level that aligns with our original target price level on this chart below.

ERY Bear Energy ETF – Daily Chart

Currently, we believe this current target level has been successful and urge any friends and followers to pull at least 50% of your profits at this current level.  If you decide to allow the rest of your position to continue, stops should be moved to levels near or below $52.  We believe the continued upside potential for this trade is still valid with a secondary target above $67~$75.  Trail your stop with every new weekly high and look to start exiting this trade on any price tick above $67 or $72.

Inverse Energy ETF AT Breakout Level – Could Rally Further

ERY Bear Energy ETF – Weekly Chart

Some resistance may be seen between $56 and $61.  There are historical price peaks near these levels that may act as a price boundary throughout this rally.  Once the $64 to $65 level is breached, ERY should continue to rally higher is Oil and Natural Gas continue to weaken.  Remember, trail your protective stop higher with each new Weekly high.

Inverse Energy ETF AT Breakout Level – Could Rally Further

We are pleased to deliver another incredible trade setup found by our team of dedicated researchers.  Nothing like finding a trade that rallied from $40.50 to 57.33 (+41%) and may continue much higher.

Please take a minute to visit www.TheTechnicalTraders.com to learn about our dedicated services for skilled traders and how we can help you find and execute better trades.  2020 is certain to be filled with extreme volatility and price rotation.  You might as well take advantage of our research and services to create greater opportunities for profits and trades.

Chris Vermeulen
Founder of Technical Traders Ltd.

Disclaimer: This material should not be considered investment advice. Technical Traders Ltd. and its staff are not registered, investment advisors. Under no circumstances should any content from websites, articles, videos, seminars, books or emails from Technical Traders Ltd. or its affiliates be used or interpreted as a recommendation to buy or sell any security or commodity contract. Our advice is not tailored to the needs of any subscriber so talk with your investment advisor before making trading decisions. Invest at your own risk. I may or may not have positions in any security mentioned at any time and maybe buy sell or hold said security at any time.

Leave a Reply

Your email address will not be published. Required fields are marked *