First Idea, my chart practices. SDRL long idea.
I am thinking about paper trading a long position around this price point (2.97 area) based off a few factors.
1. Positive MFI divergence relative to recent price action
2. MACD nearing a bullish zero-line crossover
3. Of the opinion oil will be bouncing soon, SDRL should follow accordingly
A few resistance points up ahead that will need to be broken through, and a key level of support around $2.90 if it moves downwards. Also in overall downwards trend, so not currently considering an extensive long position here.
Again I am only paper trading this, and this is my first idea here. Working hard in my trading studies & aiming for big improvements over time.
1. Positive MFI divergence relative to recent price action
2. MACD nearing a bullish zero-line crossover
3. Of the opinion oil will be bouncing soon, SDRL should follow accordingly
A few resistance points up ahead that will need to be broken through, and a key level of support around $2.90 if it moves downwards. Also in overall downwards trend, so not currently considering an extensive long position here.
Again I am only paper trading this, and this is my first idea here. Working hard in my trading studies & aiming for big improvements over time.
Comment:
SDRL broke next support level @ $2.90 yesterday morning. Didn't notice abnormally large selling volume during first analysis, and going long would have been totally against this stock's current trend. Glad I had to work early and didn't have time to take a morning trade on this yesterday. With still being new I'm going to try and avoid making trades that are against a stock's overall trend.