Inverse Energy ETF AT Breakout Level – Could Rally Further

By: Chris_Vermeulen

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.

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.

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.

Join my Wealth Building Newsletter if you like what you read here and ride my coattails as I navigate these financial markets and build wealth while others lose nearly everything they own.

Chris Vermeulen
www.TheTechnicalTraders.com

Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and is the author of the book: 7 Steps to Win With Logic

Through years of research, trading and helping individual traders around the world. He learned that many traders have great trading ideas, but they lack one thing, they struggle to execute trades in a systematic way for consistent results. Chris helps educate traders with a three-hour video course that can change your trading results for the better.

His mission is to help his clients boost their trading performance while reducing market exposure and portfolio volatility.

He is a regular speaker on HoweStreet.com, and the FinancialSurvivorNetwork radio shows. Chris was also featured on the cover of AmalgaTrader Magazine, and contributes articles to several leading financial hubs like MarketOracle.co.uk

Disclaimer: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Technical Traders Ltd., its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including this report, especially if the investment involves a small, thinly-traded company that isn’t well known. Technical Traders Ltd. and the author of this report has been paid by Cardiff Energy Corp. In addition, the author owns shares of Cardiff Energy Corp. and would also benefit from volume and price appreciation of its stock. The information provided here within should not be construed as a financial analysis but rather as an advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. Technical Traders Ltd. and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, the author does not guarantee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect.

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.