"FANG": A Leading US Energy Play for 2020
For those who have been following my ideas, you know I am bullish on top energy and oil companies. Diamondback energy has a $135 target by top Wall St. firms and analysts and while that doesn't mean anything, thats a hint that big money will flow in - and surely it has. Technically speaking, it has formed a clear rising channel from a several year head and shoulders.
I see no reason why this stock doesn't hit a $125-135 price tag by the end of 2020. In-fact, if the DXY continues to weaken, one cannot rule this stock making ATHs. In a bull market, Wall St. analysts usually underestimate target prices, while in a bear market or near a bear market they heavily overestimate market targets and stock targets. Therefore in this case, I cannot doubt this stock hitting 145-150 even though I do not forecast it necessarily.
Currently the stock is overbought and at heavy resistance so a pullback should be expected, however this stock will fair very well in 2020.
Advice: Enter on a pullback of >1% and open long position.
- zSplit
*Pullbacks and rises are not necessarily as depicted and drawn, but showing the general trend.
I see no reason why this stock doesn't hit a $125-135 price tag by the end of 2020. In-fact, if the DXY continues to weaken, one cannot rule this stock making ATHs. In a bull market, Wall St. analysts usually underestimate target prices, while in a bear market or near a bear market they heavily overestimate market targets and stock targets. Therefore in this case, I cannot doubt this stock hitting 145-150 even though I do not forecast it necessarily.
Currently the stock is overbought and at heavy resistance so a pullback should be expected, however this stock will fair very well in 2020.
Advice: Enter on a pullback of >1% and open long position.
- zSplit
*Pullbacks and rises are not necessarily as depicted and drawn, but showing the general trend.
