Dow Jones U.S. Oil Equipment And Services Index Fund: Short Sell
Trading Central | Aug 01, 2013 01:16AM ET
From a technical view, the ETF has struck against the upper boundary of a rising wedge pattern. Regarding technical indicators, the 20-week moving average is flattening meaning upward momentum is fading and the ETF is becoming vulnerable. Furthermore, the weekly RSI is reversing down from the 70 area. On a relative basis against the IVV S&P500, the iShares Dow Jones U.S. Oil Equipment & Services Index Fund has validated a double top pattern and looks set for a drop. Trading strategy: Short Sell @ $59.56 - Stop loss @ $62.25 - Target @ $52.45.
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