The financial sector is forming a a descending triangle.
This is usually a bearish pattern. The big trade is to wait for a breakout to either side. A short position can be opened here with a stop loss above the descending line. I will open a long position in FAZ (3x Financial Bear) at the market open this AM.
Note
Europe banks are strong and US banks are strong in premarket. I expect the stop loss will be hit. Will watch for resistance approaching 25.3.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.