Is it going to run out of Fuel? Bearish Bat completion
With the drop in oil prices, $JETS, the new ETF that holds airline companies like Delta ($DAL), American Airlines ($AAL) and southwest airlines company ($LUV) had a very nice rally during the month of July.
The $ETF rallied all the way up to the 88.6 Fib level to complete a bearish Bat pattern and declined from there.
The pattern's targets are 23.5$ and 23$ which also come with daily support zones.
The current price level offer about 1:1 R/R ration for the short position with stop loss above X and 23.5$ as initial target zone.
This might work with the bullish scenario I posted earlier for oil
The $ETF rallied all the way up to the 88.6 Fib level to complete a bearish Bat pattern and declined from there.
The pattern's targets are 23.5$ and 23$ which also come with daily support zones.
The current price level offer about 1:1 R/R ration for the short position with stop loss above X and 23.5$ as initial target zone.
This might work with the bullish scenario I posted earlier for oil
