Black Gold finally broke out from the 3 month cup handle pattern as mentioned last week! Although weekly chart was showing bearish, it was a bullish flag because the lows never broke. This week the momentum continues upward possibly in a big way. Extremely Bullish! Once it breaks 56.75, 59 will be the next target. XOM, SLB, NOV are yummy plays.
Technical Analysis We have been in a strong uptrend (pink segment line) since November, which I have divided into 3 ranges. We have tested the top of "Range 2" 3 times, and we are now breaking out. Either we continue into "Range 3", or we could potentially test the pink trend line once again (ghost feed representation) Macro Tomorrow jobs report could be...
The Wave 3 we called for certainly did begin earlier this year and it looks like we're in the last push higher 📈 ... $XLE following $DRIP $GUSH $XOM $CVX $CL_F $USO $NG_F $UNG $BOIL #Trading #ElliottWave #CrudeOil #OOTT 🛢️
It appears that Oil is in a wave 4 consolidation with wave 5 coming next. In commodities, the fifth wave is often the longest and most explosive. Short of moving into the futures markets, I'm curious as to what the best stock to play for a move to 100+ in oil. The chart below indicates that Chevron has best kept up with the price of oil with Exxon/Mobil...
Technical Short-term Analysis We have a new potential uptrend line drawn in the chart. RSI is showing some divergence as it has reached the level from the beginning of February. However; I would take this divergence with a grain of salt, as it did reach Overbought levels and did not break the 40 level on the RSI (typical bullish behavior). OBV has a clear...
Technical Analysis / Trade Setup There could be a trade coming up next week in energy. The 50sma has worked as support 2 consecutive times, and could potentially do it again. This level is also coincidental with the 50% Fibonacci retracement level & 2020 highs; which suggests this support level has more strength. Backtesting Data There is a very...
CVX - Looks like it's pulling back to the 103 level for now as part of a potential wave iv. Strongest resistance is at the 103/105 zone but it would be normal if price drops and bounces off the 99/101 zone too. The count gets invalidated if it drops below 96 of course.
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BP has formed 2 cup and handles, a smaller one inside the larger one. Price target remains retracement upward, around 31. following 31 we can see 37 by EOY. On the fundamental side take a look at the 20 year crude futures chart. W We just broke out of immense resistance line at 60 dollars a barrel. Crude can expect to see $75 shortly which only helps oil stocks...
Looks to be a divergence forming in the SPY/DIA chart between purchasing volume and valuation. Stoch is also approaching overbought but RSI is still within a good limit. Could indicate a coming pause in the cycling of the market after the recent upswing in value/non-tech companies. Could be a good time to get into some value companies or to check your charts...
After a beautiful double bottom done, CVX is now probably in the consolidation area where we need looking for further setups if price will follow ascending triangle... Inverse head & sholder is here just for fun :) ( but it would be fun if it happened) Stay tuned. NYSE:CVX
I think CVX will test its most important resistance level at 115 next week. We should wait and see if it could pass.
Chevron might finally break out of resistance around 95.6$. This was THE resistance for 2020. Fundamentals brightened up and HSBC raised it to buy from hold with a target of $105.
Alas! I am free to post what I want thanks to the help of everyone's contribution thumbs. ------------------------------------------ The Natural Gas setup for 2021 is not only fundamentally bullish, it's a technical trader's gassy dream. Welcome to the G a s i n o. Macro View From a macro view we can see that prices are now at the bottom of a historically...
the Extreme Turn Buy signal comes in at a key support zone. CVX showed an impulse move from %83 to $95.50. The initial Ext Turn buy produced a nice winner and now we're back at the key level as the markets trade to new highs. Could pull in to till the $85-86 Gap then go. Looking for 4% move to High to High trendline then 13% to $100 on a 1 to 1 move from the...
If you like the idea, do not forget to support with a 👍 like and follow or comment. Leave a comment that is helpful or encouraging. Let's master the markets together. Hi fellows, just one of my today swingrades: As you can see ERY bottomed out and forming a bull flag pattern.Rising bull momentum is there clearly represent by divergence on Momentum and CCI...
Quantamental Tools for Proprietary and Retail Investors. Statistical Arbitrage Opportunities Delivered to Your Inbox. QuantChart. io Long 1000 $CVX Short 2169 $XOM Mean Reversion Time: 12 Trading Days