EPD - Is 2023 going to be sunset year for O&G company?
Weekly candle for
EPD
is moving back-forth around its EMA200.
This week, EPD has been up for 3++% and crossed up EMA200.
In my view, there is Descending Triangles appear:
Stochastic Weekly is near 50 and the formation of candles has been squeezing since June 2022.
But, if moving a little bit backward to March 2021, a raising wedges pattern also appears in the weekly channel.
What makes this chart interesting (for me personally), even though there is a bearish reversal pattern, I do not see any divergences in the MACD (I always look for MACD Divergence to confirm a potential reversal) for this weekly pattern.
From that perspective, I believe that
EPD
is going to break out upward in its Descending Triangle for a Short-Term Bullish Continuation.
And when the bearish divergence occurs, it is time to get out of this stock.
From the 4H Chart timeframe, we can see that currently, the candle position is at the resistance area, but at the same time just breakout EMA200 (4H).
For a Speculative Buy, use EMA200 (4H chart) for a quick Stop Loss (around 0.9%) or I prefer to use $24.44 as my stop loss.
Stochastic has been overbought since the end of December 2022, better wait at near support of $24.44 to get better RR for the position.
As a company that works in the integrated Oil & Gas Operation,
EPD
does not always have a positive correlation with Crude Oil and Natural Gas Prices.
Your Trade, Your Call.
Disclaimer is always ON.
Do it at your own risk.
I do not have possession of
EPD
when this idea is released.
EPD
is moving back-forth around its EMA200. This week, EPD has been up for 3++% and crossed up EMA200.
In my view, there is Descending Triangles appear:
Stochastic Weekly is near 50 and the formation of candles has been squeezing since June 2022.
But, if moving a little bit backward to March 2021, a raising wedges pattern also appears in the weekly channel.
What makes this chart interesting (for me personally), even though there is a bearish reversal pattern, I do not see any divergences in the MACD (I always look for MACD Divergence to confirm a potential reversal) for this weekly pattern.
From that perspective, I believe that
EPD
is going to break out upward in its Descending Triangle for a Short-Term Bullish Continuation. And when the bearish divergence occurs, it is time to get out of this stock.
From the 4H Chart timeframe, we can see that currently, the candle position is at the resistance area, but at the same time just breakout EMA200 (4H).
For a Speculative Buy, use EMA200 (4H chart) for a quick Stop Loss (around 0.9%) or I prefer to use $24.44 as my stop loss.
Stochastic has been overbought since the end of December 2022, better wait at near support of $24.44 to get better RR for the position.
As a company that works in the integrated Oil & Gas Operation,
EPD
does not always have a positive correlation with Crude Oil and Natural Gas Prices.
Your Trade, Your Call.
Disclaimer is always ON.
Do it at your own risk.
I do not have possession of
EPD
when this idea is released.