Hope you’re enjoying/or enjoyed this Independence Day weekend.
Oil sector stocks lost enough significant support Thursday, to target a price of 75 in the future for OIH. A head and shoulders pattern from 95-115 equals a measured move 20 points below the 95 neckline.
I did think about taking a shot at ERY overnight on Wednesday, but didn’t. The ETF had pulled back seven days to it’s 20-day moving average. This pullback was the first since it’s big gap higher, and day high close.
Since I didn’t buy overnight, I bought the 5-minute high. I also bought SKF pre-market, and TZA fairly soon after the bell. Holding 50 percent of the positions into the holiday weekend played out with no significant pullbacks hitting my stops.