Oil (purple line chart) sell off caused a big loss for oil companies' stocks, waiting for the bottom of oil prices will be a good time to go long on oil companies as well. Chevron being one of the biggest and oldest oil companies has broken through 200 SMA and buy support zone above 50% fib is tested now. 100 level being psychological barrier, it could be a setup for a long if we hear positive news about oil at the start of 2019, or short through.
Comment:
Comment:
Perfect long bounce from 100 level