OXY is very extended relative to its moving average ribbon. But the breakout looks promising for a long. Look for consolidation for a few days or a pull back to its 13 EMA to enter long on the the multi year breakout. I traded the fake breakdown on a recession signal a few months ago and now its time to trade the possible breakout on more inflation!
To be clear if the pull back doesn't happen I wont chase. Let it reload first. If not There are lots of other tickers out there.
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OXY is now tagging the upper daily ribbon and could be a good time to long for a swing. Howerever lower timeframes look bearish. When the lower levels flip bullish Im in.
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Now all time frames are bearish. This could be a 2nd fake breakout of the multi year consolidation. Or is this a fake breakdown of a real breakout...
In my opinion some time frames are still quite bullish. So could you elaborate more on your last comment?
retailmonkeybrainz
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@YoupWentink, I consider the daily and weekly as higher time frames. Both charts have strong bearish momentum on the stochastic. The daily trend has rolled over and is trading below a neutrally sloped 48 day EMA. The weekly trend is still bullish but fighting the bearish momentum. I would like the stochastic to curl up and price to close above the 48 ema to go long
YoupWentink
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Update?
retailmonkeybrainz
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@YoupWentink, Getting closer. I would like an entry on the daily ema ribbon. It's still hovering above. An even better entry for a longer term position would be on the weekly ribbon which is far below. It depends on your time horizon. And you could have already longed on lower timeframes for multi-day swings. It's never a straightforward answer in trading lol