Sat. Apr 20th, 2024

SPDR S&P Oil & Gas Equipment & Services (XES:ARCA) has broken down from a HUGE 6 year top formation. Target is 5. There is a WALL at the 2009 lows around 15. Check this post on why to consider this important concept. Turbulence might occur here via support. Check out the monthly candle chart.

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Here is the 5 year weekly chart. You can observe the smaller consolidation pattern which had coinciding breakdown line with the HUGE top formation. I believe this adds value to the ensuing breakdown via added probability of reaching the possible target.  A+ materiel.

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A final zoom in on the 1 yea daily candle chart. Breakdown and target reached of the “take off” consolidation pattern.

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Here you go, enjoy!