Earthstone Energy inc. stock is forming in a head and shoulders pattern signalling a short trade opportunity provided that the shape forms. Where, upon a break from the neckline (green line) accompanied with a surge in volume. Price of stock will fall in accordance with the arrow in the chart. The stop loss and take profit levels are shown in the chart. The target would be at the previous support level (white line)
Trade active:
Price broke below the neckline. Trade active. More downside expected
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