I'm reversing on my previous TA thesis with this O&G royalty name, which I said was retesting the neckline of a head and shoulders breakdown. Instead, I now see a falling wedge bouncing off the 100 Daily Moving Average and retesting a demand zone. There is some positive momentum on the Relative Strength Index, leading me to think that the breakout from the wedge will happen next week. Upside is above the high of the wedge, so probably 3x.
Trade closed manually
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I don't think oil is breaking out, so BPT is good for another leg down.
I think its time you revisit this one. BPT is a buy here. CL1! breaking out of August 2022 wedge; oil isn't going anywhere for the next 5-10 years despite what EVs trying to make it seem for cars/energy.
sdeutsch95
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@Chasing_Tendies, 10.20 is a firm demand zone. Let's see if it holds as a floor for price.