EQNR is in the end of a C wave which will most likely be at the 335 area.
According to the Elliott wave theory, at the end of the C wave, a new move will follow in the bigger trend. First we most likely will hit the 335 area to complete a 5 way move to the level of the end of 4th wave and 1,236 length of A wave)
Then we can expect the first impulsive move towards the 380 area which will be resistance.
Trade carefully.
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Support is at 333.
Trade idea still possible. Negativity around oil price and gas price is holding it back currently. Stock Fundamentals also supports trade idea.
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EQNR still fundamentally cheap. Lots of cash and a high dividend yield + buybacks of around NOK 59 per year.
No one knows where oil and gas prices are heading. EQNR is getting punished anyways and testing lower lows. Positive for the buybacks they are currently doing.
Equinor will most likely turn at a support level. Should finish the downtrend at 285 at least. NOK 10 dividend in February which will help push it down as well.
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Surprising on the downside as always.
Everything that doesn't bring in cash is pushing higher, while Equinor which brings in tons pushing lower. EQNR now earns 12%, almost every other company on the OSE you're ok with 5% not even that, and the analysts still tell us to sell EQNR and buy the others, incredible. ...They're not getting my stocks no matter how hard they try to convince me to sell this.
From my experience this always turns around, but no one knows when.
@ramaska4all No one knows, but I’m surprised if we see it go lower on the fundamentals.
benyking
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@PorscheSqueeze, if you look at this will you short untill 200 ?
PorscheSqueeze
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@benyking, I see this, however, the stock is so fundamentally cheap right now. P/E is at around 7 while the company as a lot of cash on its hand and has already had a significant fall in one go. Already way underpriced, so a short to 200 is something I absolutely would not dare to bet on.
It is the stock market though, can and will do whatever.