Testing strong daily resistance zone
$XLY just hit a strong daily resistance zone after bouncing from the 200 days MA.
The Resistance Zone includes several trend lines that now collide into one 1$ wide Price Zone that should prevent $XLY from advancing higher.
79-80$ is the potential Sell Zone
Stop loss should be above 82$ and first target Zone is 77$ (200 days MA)
Below 77$, things can turn into a Free Fall mode.
Tomer, The MarketZone
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The Resistance Zone includes several trend lines that now collide into one 1$ wide Price Zone that should prevent $XLY from advancing higher.
79-80$ is the potential Sell Zone
Stop loss should be above 82$ and first target Zone is 77$ (200 days MA)
Below 77$, things can turn into a Free Fall mode.
Tomer, The MarketZone
Follow me on TradingView
Subscribe to my newsletters - goo.gl/HXjCPV
Follow my blog - goo.gl/78KZsl
Subscribe to my Youtube channel - goo.gl/q8dbyT
Trade closed: target reached
Bounced from 200 days MA