EOG is also forming a slow cup over the weekly time frame.
EOG was in a rising wedge when I saw the flag a week or 2 ago. I hesitated because often rising wedges will win the battle over flags and ascending triangles etc. Anyway, EOG proceeded to break the bottom trendline of the rising wedge but appears to have recovered. This caused a throwback to the flag pattern.
Rising wedges are bearish and valid once the bottom trendline is broken. They usually eventually break down, although I have seen some securities break to the upside from a rising wedge (RW). CRM did this when inducted in to the DOW. I have not seen a security that has not come back down to meet and break the bottom trendline of the wedge eventually though and it is a long painful process as a rule. I do not follow every security, of course, so I never say never.
Rising wedges consist of 2 trendlines that both slope up and converge at the apex.
After a fall, many like to wait for a bullish signal or a consolidation to provide support before entering. There is a morning star which helped mark the bottom, or the turn around point for EOG. This consists of a decent size red candle in a downtrend, then a small bodied candle of any color, followed by a decent side green candle. The body of the 2nd candle, should gap down a bit from both the red and green candle bodies.
No recommendation.
The ability to learn, unlearn and relearn can be a superpower (o:
OG Resources, Inc., together with its subsidiaries, explores for, develops, produces, and markets crude oil, and natural gas and natural gas liquids. Its principal producing areas are in New Mexico and Texas in the United States; the Republic of Trinidad and Tobago; the People's Republic of China; and the Sultanate of Oman. As of December 31, 2020, it had total estimated net proved reserves of 3,220 million barrels of oil equivalent, including 1,514 million barrels (MMBbl) of crude oil and condensate reserves; 813 MMBbl of natural gas liquid reserves; and 5,360 billion cubic feet of natural gas reserves. The company was formerly known as Enron Oil & Gas Company. EOG Resources, Inc. was incorporated in 1985 and is headquartered in Houston, Texas.
EOG was in a rising wedge when I saw the flag a week or 2 ago. I hesitated because often rising wedges will win the battle over flags and ascending triangles etc. Anyway, EOG proceeded to break the bottom trendline of the rising wedge but appears to have recovered. This caused a throwback to the flag pattern.
Rising wedges are bearish and valid once the bottom trendline is broken. They usually eventually break down, although I have seen some securities break to the upside from a rising wedge (RW). CRM did this when inducted in to the DOW. I have not seen a security that has not come back down to meet and break the bottom trendline of the wedge eventually though and it is a long painful process as a rule. I do not follow every security, of course, so I never say never.
Rising wedges consist of 2 trendlines that both slope up and converge at the apex.
After a fall, many like to wait for a bullish signal or a consolidation to provide support before entering. There is a morning star which helped mark the bottom, or the turn around point for EOG. This consists of a decent size red candle in a downtrend, then a small bodied candle of any color, followed by a decent side green candle. The body of the 2nd candle, should gap down a bit from both the red and green candle bodies.
No recommendation.
The ability to learn, unlearn and relearn can be a superpower (o:
OG Resources, Inc., together with its subsidiaries, explores for, develops, produces, and markets crude oil, and natural gas and natural gas liquids. Its principal producing areas are in New Mexico and Texas in the United States; the Republic of Trinidad and Tobago; the People's Republic of China; and the Sultanate of Oman. As of December 31, 2020, it had total estimated net proved reserves of 3,220 million barrels of oil equivalent, including 1,514 million barrels (MMBbl) of crude oil and condensate reserves; 813 MMBbl of natural gas liquid reserves; and 5,360 billion cubic feet of natural gas reserves. The company was formerly known as Enron Oil & Gas Company. EOG Resources, Inc. was incorporated in 1985 and is headquartered in Houston, Texas.