Wednesday, July 9, 2008
UYG: Symmetrical Triangle Breakdown
(Click On Charts To Enlarge)
A Symmetrical Triangle broke down at 19.83 at 2:00 PM, putting 18.62 IN PLAY. I shorted the breakdown, but given how beaten up the sector is, I didn't have much appetite for the trade, in case it was a fakeout. I covered for a quick profit of just under $600, but I would have been fine hanging about for more downside. The UYG currently is at 19.00.
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