ESTE - HEAD AND SHOULDERS - SHORTEarthstone 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)
ESTE
SP500 Created New Highs, Beware of Being a Buyer Tho!My Bullish view of the SP500 is no longer in effect despite the LH on the Weekly failed. Yes at one point, buyers left and sellers took over. With news, buyers did come back in the end. As a result, for the past 2 weeks, buyers were in control that it created new highs. The question is, who are these buyers? Institutions or Retailers? I can guarantee you that it's not institutions.
That being said, I am bearish short to medium term and we can't deny that long term is still Bullish!
Verdict: Bearish short to medium term
