ERY Trade 04/30/14

Charting some intermediate levels on the XLE looking for possible resistance near targeted MM higher, bought ERY 4/30 after doji gravestone candle failed hold new highs 4/29.


There was a small divergence at the 5min XLE to this failed new high 4/29.


But more pronounced divergence developing in the 30min MACD seen 5/05 with RSI resistance at 60.


After a strong close at the daily MM target XLE sold off hard. A retest of the MM target was also sold with MACD signal crossing and RSI falling below 60 on 05/19 daily mid day look below. Also a look at the potential for falling wedge breakout in ERY remained highlighted within chart.


05/27 Daily resistance at TL, MM and intermediate support resistance levels were active.


Stopped out 05/29/14 with a close above MM target and prior resistance -1.00

July 1 daily close XLE chart below.


July 1 daily close ERY chart below


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