NRGD - bullishNRGD price reached a support level and its RSI reached a support ptichfork line. Expecting it to go up tomorrow.
NRGD trade ideas
NRGD a 3X Leveraged ETF that shorts oilNRGD goes up when oil goes down; this ETF tracks the oil futures ; it is leveraged and managed.
Here on the one-hour chart with an Bollinger Bands and EMA bands indicator added, it can be
seen that price had been trending down in two waves beginning June 1st , Upon dropping
outside the BB lower line, price reversed upward to reach the upper BB line and reversed again.
Finally, price dropped outside the BB lower line and reversed this past Thursday. The RSI
oscillator has recently trended between 65 and 40, suggesting healthy price action without
and oversold or overbought conditions. As it is now trending up again. I see it as suitable for a l
long trade. I have plotted horizontal resistance lines in order to plan a tiered exit from a trade
of 4 shares where I will partially close the position by selling a share each time price reaches
one of those lines. At the same time, I will move the stop loss up to midway between its l
location and that line. I will repeat this until all shares are sold. I am expecting a 12% profit
overall for a week-long trade. This will be a free trade without risk after the first move of the
stop loss to above the entry point. If the RSI remains below 80, I may let the last share run
until I am alerted that price has hit the BB upper line by an alert or alternatively set up
a trailing stop loss of 2%.
NRGD, bouncing off 10 dayNRGD can make huge moves, the sector has been extremely strong for the past year by holding near the top of its range (most things havent done that)
In bear markets, everything falls, and typically oil stocks get absolutely hammered. ''08.. ''20.. As a result this has the potential to be a great trade.
I used a TOW uptrend filter and found thisgoes in uptrend, I dont have much experience trading but looks pretty safe to me.
