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An important lesson on XLF
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An important lesson on XLF
On yesterday’s chart of the day, we signaled that the financial sector could break resistance (see chart 1). When using correct portfolio management, many losses can be avoided. As many of you have noticed on most of our charts, we tend to use breaks of trendlines or support and resistance levels for entry.
Yesterday’s stock session was a disaster, with the S&P500 plunging by nearly 2%. Unlike Wednesday’s session financials dragged down the market on enormous volume (See chart 2). Our trade was not executed as the upper trend line wasn’t broken. Even though current levels could present a bounce and even break the upper trend line. The resistance around 15.40 has now lowered the profitability of this trade.
Chart 1
Chart 2
Information reliability and liability: The contents are solely aimed for the use of "Experienced" investors in the financial markets who are fully aware of the inherent risk of trading. Dodjit.com does not accept any liability for any loss or damage whatsoever that may directly or indirectly result from any advice, opinion, information, representation or omission, whether negligent or otherwise, contained in our trading recommendations. Dodjit make no warranties or representations in relation to the Information (including, without limitation, in relation to its accuracy or otherwise) and do not warrant or represent that the services will be error free or uninterrupted. Copyright: This article is subject to and protected by the international copyright laws. Use of the information brought in this article is subject to making fair use only in accordance with these laws. It is not permitted to copy, change, distribute, or make commercial use of the information except with permission of the holders of the copyright. Risk Disclosure: The risk of losses involved in the transaction or speculations in the financial markets can be considerable. Please think carefully whether such trading suits you, taking into consideration all the relevant circumstances as well as your personal resources. Speculate only with funds that you can afford to lose.
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