Hi Freinds. This is my first post here but I thought Id share. Lets get right into it. Looking at the daily chart, you can see USX has went through a very bearish trend, as shown by the parabolic SAR and 21 EMA. Now, we just had a large 7% bounce which pushed the price above the 21 EMA. If price can begin to stay above the 21 EMA, and start to move upwards while respecting the 21 EMA as support and we see the parabolic SAR switch to bullish, that would be a strong buy signal. This should take 2-3 days to play out. If it does, a good first target would be a 5 or 10% gain depending on the strength and momentum of the move. Of course, this could also mark the beginning of a bull trend, so anythings possible.
Thanks, sorry if my writing seems choppy as this was my first post. Anyways, in short keep an eye on the moving average and parabolic SAR. This has the potential to be a reversal or relief rally.
Thanks, sorry if my writing seems choppy as this was my first post. Anyways, in short keep an eye on the moving average and parabolic SAR. This has the potential to be a reversal or relief rally.
Comment:
Apologizes for any typos
Comment:
Clearly we see it did not stay bullish in the following 2-3 days. No buy signal was ever activated.