OXY SHORT after bouncing down from All Time Resistance
OXY as shown on the chart is still in a megaphone pattern.
Horizontal resistance red line is the all time highs of Spring 2018.
In the past several trading sessions, spot oil has dropped from $96 to $87.
The MACD indicator which is lagging shows the K / D cross over the histogram.
Accordingly, OXY is now trending downward to the mid-Fibonacci retracement levels
and the confluence of the mid-line of the megaphone pattern.
This appears to be a safe short trade setup especially now that the buying
pressure of Mr. Buffet has subsided.
Horizontal resistance red line is the all time highs of Spring 2018.
In the past several trading sessions, spot oil has dropped from $96 to $87.
The MACD indicator which is lagging shows the K / D cross over the histogram.
Accordingly, OXY is now trending downward to the mid-Fibonacci retracement levels
and the confluence of the mid-line of the megaphone pattern.
This appears to be a safe short trade setup especially now that the buying
pressure of Mr. Buffet has subsided.