ERY Energy Bear 3x ETF Daily Chart

Keystone was in this one as it took the additional stutter step lower below the tip of the falling wedge, but managed to catch the bulk of the first move up anyway. The final positive divergence actually formed from 2/21/12 forward, launching price. The first move up was a nice pop out of the blue falling wedge.  Price pierced up thru the 20-day MA but could not get up thru the 50-day MA, now retreating back to the 20-day MA support.

This requires a judgement call now; does price hold the 20-day MA and bounce higher or collapse down thru to place a double bottom? Look at how all the indicators show a long and strong profile. In addition, there does not exist a huge gap below that could possibly give a reason for price to move lower.  Therefore, Keystone entered on Friday's low looking for the 20-day MA to maintain support. Projection is another bounce higher with price attacking the 50-day MA, now at 9.8, and then perhaps a gap fill at 10.0-10.2. Remember, ERY is an inverse ETF (a dangerous crack ho 3x inverse ETF), so this play is the equivalent of shorting the energy market. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.