IShares Dow Jones US Oil Equipment & Services Index Fund (IEZ) : Short Sell @ $4908

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DROP EXPECTED

From a technical view, the ETF has validated a Head & Shoulders pattern which is a bearish pattern.



Regarding technical indicators, the daily RSI is reversing down from a declining trend line while the 20D moving average (red line) is acting as a resistance.



On a relative basis against the IVV S&P500, the iShares Dow Jones U.S. Oil Equipment & Services Index Fund has struck against its declining 50D moving average (blue line) and looks set for a drop.



Trading strategy:

Short Sell @ $49.08 – Stop loss @ $50.60 – Target @ $44.65

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