- Range trading
- Playing Support and resistance
- Safe entry will be once the level 134.4 breaks
Entry Level(Buy Limit): 103.54
Stop Loss Level: 93.89
Take Profit Level 1: 113.19
Take Profit Level 2: 122.84
Reasons for bullish bias:
- Price has made double bottoms
- Entry is at neckline breakout for confirmation
- Entry is also above strong weekly Support turn resistance, if it breaks we will have more points on our side
Entry Level(Buy stop): 117.79
Stop Loss Level: 108.15
Take Profit Level 1: 127.43
Take Profit Level 2: 132.34
A chart pattern formation completion upon price movement upward
Third peak must be established
Price has cleared 1.618 of a downtrend circle
Bars pattern is price speculation
Weekly Chart
Trend Analysis
The main view of this trade idea is on the 2-Hour Chart. The stock EOG displayed 2 bullish instances over the last couple of months. The first occurred during July to September 2021 where the stock made a reverse head and shoulders chart pattern. The completion of this move took EOG back above its long term trend. The 2nd instance materialized when...
EOG is approaching our first support at 83.19 (horizontal swing low support, 61.8% fiboancci extension, 61.8% fiboancci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 100.05 (horizontal pullback resistance, 100% fibonacci extension, 38.2% fibonacci retracement).
Stochastic (89,5,3) is also approaching...
