BillyStaples
Long

ascending base complete, Flag pattern on FANG

NASDAQ:FANG   DIAMONDBACK ENERGY INC
117 1 5
On my May 23 post, I explained the build up of FANG's Ascending Base pattern (https://www.tradingview.com/v/Qv0vM7jq/). Since then, it's completed, breaking out on June 3 and continuing to its target shown in light blue on the graph. FANG now appears to be forming a Flag pattern , which tends to continue the previous trend (up) after breaking out of the flag pattern .

FANG has held pretty strong at $87.50 support during this consolidation time frame from June 17 to present, even with some extremely heavy down volume days. This consolidation has allowed RSI and MACD to reset a bit from its overbought conditions.

I expect a few more days of consolidation, perhaps until the end of next week. At that point, I expect a breakout to the upside. If a breakout occurs, I'll open a larger long position.

FANG is also generally influenced by the NASDAQ. If the NASDAQ falters, it could cause FANG to breakout from the Flag to the downside.
NickCoulby PRO
2 years ago
In 5th wave impulse on weekly as well as sell swing, obviously nothing actionable until consolidation resolution just be wary of higher frame
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