Looks like a big distribution day in FANG. Price has been following a channel pretty much since it IPO'd in late 2012. It broke the channel to the upside on 6/11, and is currently near the 1.382 channel fib, but was not able to close above it. With vol 3x normal and today's close basically unchanged from yesterday's close, this could be a signal of a reversal.
The run up from 71.50 on 5/29 has had several dojis/spinning tops, but they didn't have the volume with them.
I'm looking for price to work back down into the channel and possibly all the way back to the 50% point around $76-78 over the next month or so.
The run up from 71.50 on 5/29 has had several dojis/spinning tops, but they didn't have the volume with them.
I'm looking for price to work back down into the channel and possibly all the way back to the 50% point around $76-78 over the next month or so.