Appears Oil is pulling back so I am watching a few. This is the one I own though.
This is a yearly cup and handle. If price breaks any longer term highs, then a new pattern could form. I suppose a lot depends on the cyclical environment that oil lives in.
Cup and handles are calculated using the cup depth. Subtract the cup low from left side (sell side) high and you can use this for calculating fib levels. Some, like me, use the .386, .618. and .786. You can also just multiply the depth by 0.39, 0.62 and 0.79 if you are not an exacto type personality (o: Add these levels to long entry level which would be a tad above the left side high to clear resistance. I often use 10 to 15 cents above the left side high, unless it is a super expensive or a very volatile stock. This was an inverse head and shoulders earlier so the head of that pattern is the cup low.
There was a bullish divergence near cup low which has probably realized it's gain at this point.
This may pull back a bit more.
No recommendation.
True patience is a virtue that few posses when it comes to their wallet. Sometimes sitting on your hands pays off (o:
This is a yearly cup and handle. If price breaks any longer term highs, then a new pattern could form. I suppose a lot depends on the cyclical environment that oil lives in.
Cup and handles are calculated using the cup depth. Subtract the cup low from left side (sell side) high and you can use this for calculating fib levels. Some, like me, use the .386, .618. and .786. You can also just multiply the depth by 0.39, 0.62 and 0.79 if you are not an exacto type personality (o: Add these levels to long entry level which would be a tad above the left side high to clear resistance. I often use 10 to 15 cents above the left side high, unless it is a super expensive or a very volatile stock. This was an inverse head and shoulders earlier so the head of that pattern is the cup low.
There was a bullish divergence near cup low which has probably realized it's gain at this point.
This may pull back a bit more.
No recommendation.
True patience is a virtue that few posses when it comes to their wallet. Sometimes sitting on your hands pays off (o: