Hello everyone, we have ABCDE pattern very clear on the chart and what we want to see in order for the pattern to be correct is a strong impulse wave to start from 0.2950 - 0.3000. Oil had somewhat recovered, SP500 and NASDAQ have also risen +2% and we are falling together with the other oil penny stocks, which I think is just the opposite that we should have seen. Countries around the world are lifting the quarantine, which should bring some positivity and make the prices go up of most stocks. As for why I think that DNR will rise fundamentally:
- DNR have hedge position on oil that expires at the end of the year.
- DNR has little short-term debt, so I do believe we will survive.
- DNR is volatile with a lot of volume. If we do see oil stocks rise, we will be in the top 5 biggest gainers.
- DNR made profits before the crisis, so this should give hope to investors in the long-run.
I wish you all good luck!
- DNR have hedge position on oil that expires at the end of the year.
- DNR has little short-term debt, so I do believe we will survive.
- DNR is volatile with a lot of volume. If we do see oil stocks rise, we will be in the top 5 biggest gainers.
- DNR made profits before the crisis, so this should give hope to investors in the long-run.
I wish you all good luck!
Trade active:
I could remake the triangle like this, I am still bullish on DNR, but if it gets bellow 0.25 I would be out.