Weird candle formed after rejecting at the key 40 region!

The XLF etf left behind an usual candlestick formation on daily charts with the most volume seen in over a week. It also highlights the lack of successful momentum above the 40 range once again. If the psychological 40 mark manages to cap near-term price-action then its likely to re-test 38.70 where some minor support and the 50-day lie. That's where I'd put capital to use even if price-action slips to the 37.70 area, I think intraday oversold signals can be bought. A clean loss of the 37.70 region, the top of a small gap and key 50% retracement level, and its game over for bulls!!

If bulls can clear the 40 handle, however, then 41.70 should be tested relatively quickly above which could expose 45 then possibly 50. That said, if 41.20/70 provides resistance then the XLF will probably range like it has either side of 40.

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LONG @ 38.78

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Still holding long!!!!!
Place exit/stop-loss @ or below 36.23
1st target = 40
2nd target = 41.70/42.20

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Stopped out :(