Sometimes, it pays to be lucky and skilled when deploying technical analysis and price theory. We caught an early move in ERY back in June 2019 for a nice profit. Then watched as price fell back towards the $44 price level – expecting another base/bottom setup to form. On September 12, 2019, we issued a research post suggesting to our followers that ERY is reaching a key low point and that traders should start looking for the next move (see below) but before you continue, be sure to opt-in to our free market trend signals newsletter.
We had no idea that Yemen would launch a drone attack on Saudi Arabia crippling their oil production capacity within 5 days of that research post. All we knew was that ERY was moving back towards a historical low price level that would present another opportunity for skilled traders – an opportunity for profits.
At that time, we believed any price level near of below $45 would qualify as a solid entry point and warned our followers to “watch for any deeper price moves below $45” for key entry levels. 5 days later, a very deep price level printed (near $40) after the attack on the Saudi oil plant. What happened next?
September 12, 2019: ENERGY SECTOR REACHES KEY LOW POINT – START LOOKING FOR THE NEXT MOVE
DAILY ERY – ENERGY SECTOR ETF CHART
The first real opportunity for a deeper price move below $45 happened on the following Monday after the attack near $40. This constituted a very deep price decline and provided multiple days of opportunity for entry below $44.
Nearly 3 weeks later, the ERY price rallied to levels above $56 reaching a solid +35% gain. As we stated, sometimes it pays to be lucky and skilled when trading. We hope some of you were able to follow our research and catch a part of this move?
Get ready for the next big move in ERY, folks. If our research is correct, another setup will happen before the end of October with another basing level below $45 and another attempt at a rally in ERY with upside targets settling near $55 or higher. It’s just a matter of time before this new basing/bottom setup takes place. We’ll keep you informed when we believe the timing is right to look for new entry points.
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