Monthly bull flag, just breaking above monthly 50 EMA which acted as resistence since 2014. We will confirm a continuation of the monthly uptrend if we close above $317. When this breaks, we will enter an air pocket in the volume profile between $300 until $475. The price will move back to 2018 levels very quickly. I'm trading this via ONG (2x Bull Oil Services ETN).
Hello nice analysis, can you do one on SLB oil services, thank you.
sdeutsch95
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@JuanpiSLD, It just broke out to its highest level in four years and there's no resistance until $60.
JuanpiSLD
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@sdeutsch95 ohh right, do you think it reaches $60 then starts to correct? (Taking into account external factors)
sdeutsch95
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@JuanpiSLD, An uptrend is when the price makes higher highs and higher lows. As long as it makes a higher high and doesn't form a trend reversal pattern (double top, head and shoulders, ascending wedge), then any higher low should be met with buying pressure.
JuanpiSLD
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@sdeutsch95, yeah I get you, but I, as every trader, always try to anticipate and try to predict the short term top of the stock im holding to sell 😂