SPDR Select Sector Fund - Energy Select SectorArca
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See how price reacts at the centerline/slding/AR-Lines ?
The SWAP in Nov. 16 marked the range and of course it has to come back to breath out. Lastly the weak hands got scared out by a very hard and final drop (red bar).
Now I can imagine that time is right to collect some premium on the downside. Even a RiskReversal my be a good trade.