XLF (financial sector ETF) offers an objective long entry on this breakout above the bullish falling wedge pattern & will be added as an Active Long Swing Trade around current levels.
XLF 30m 2 March 24th
The price targets for this trade are T1 at 19.84 & T2 at 21.06. The suggested stop is 17.95 with a suggested beta-adjusted position size of 1.0. This should be considered an aggressive, counter-trend trade so as always, pass if this type of trade does not mesh with your trading style, risk tolerance, and/or outlook for the financial sector or stock market at this time.
FAS 30m March 24th.png
I’ve also listed some potential targets for FAS (3x long financial sector ETF) on the 30-minute chart above. UYG is the 2x leveraged financial sector ETF & for those looking to short this bounce into TL resistance, SKF is the 2x short & FAZ the -3x financial sector ETF. Obviously, I’m leaning towards the bullish scenarios (hence, only upside/long targets) as I think the R/R is skewed toward the long side in the financials but I’m glad to provide downside price targets for those interested in shorting or already short.