Good Morning~
CDEV is looking very strong on a steadily rising Oil WTI and sustained oil prices over $90 USD and macroeconomic tailwinds (Ukraine War, possible sanctions of Russian oil and continued underinvestment in the O&G space as well as capital discipline from the U.S. shale patch).
I've outlined a likely scenario in the upcoming days.
Technical indicators: RSI and MacD still have a little room to run and we're getting toppy if you look at the bollinger bands. That said, if you rewind back to 1 year ago, CDEV had an incredible run in Q1 that defied traditional technical analysis and I'm expecting something similar.
We have long-term resistance (red line) which CDEV will be looking to break out of this week and I predict there will be a second sell-off in the 9s (back down to the blue support line) before another strong bounce and finally breaking out of this ascending wedge for good to establish a new long-term trading range.
Happy hunting!
CDEV is looking very strong on a steadily rising Oil WTI and sustained oil prices over $90 USD and macroeconomic tailwinds (Ukraine War, possible sanctions of Russian oil and continued underinvestment in the O&G space as well as capital discipline from the U.S. shale patch).
I've outlined a likely scenario in the upcoming days.
Technical indicators: RSI and MacD still have a little room to run and we're getting toppy if you look at the bollinger bands. That said, if you rewind back to 1 year ago, CDEV had an incredible run in Q1 that defied traditional technical analysis and I'm expecting something similar.
We have long-term resistance (red line) which CDEV will be looking to break out of this week and I predict there will be a second sell-off in the 9s (back down to the blue support line) before another strong bounce and finally breaking out of this ascending wedge for good to establish a new long-term trading range.
Happy hunting!