As we have been noting, a setup is in play for the USD to take a counter trend correction and for all the antithetical stuff to Uncle Buck to gain a bounce or rally. Today the Energy SPDR, XLE is popping above resistance.
If it is able to hold this break above resistance it should fill the gap and potentially load a target of 90.50, which is the pattern measurement off the bottom.
Buy Target: A weekly close above 81, which is the December high
Sell Target: 90.50 or at whatever point profit is deemed suitable
Stop Loss: A fallback below 80 as suits risk tolerance (the SMA 50 could be supportive if the breakout fails, but I for one will probably use the breakout line if I take a position)
A reminder that chart based NFTRH+ updates are just trade setup ideas, which may not be revisited as the parameters are already noted. They are meant as a starting point for further research if interested. Fundamentals-based ideas are also provided for your further research only. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst.
