We have an upward trend line converging with support. Could see a bounce bullish tomorrow.
Hey Everyone. Over the past few weeks I've been following MEG (Meg Energy) on the TSX and I'm sharing my prediction for a reversal of current price. With a beta of 3.11 MEG is very volatile and over the past few days a few strong patterns have surfaced, obviously the small double bottom (#2) APR 7-APR 8 that proved to be true. Now we see a double top surface (#1 &...
1) Midwest (PADD 2) refineries are still operating in the low 80% utilization. 2) Differential increased to ship more crude by rail, which had dropped to a recent low after initial AB cuts. 3) Jason Kenney's new UPC government is looking to extend the Albertan oil production cuts into 2020 as Line 3 looks delayed. 4) With the rise of U.S. ultralight crude,...
Looking at the weekly timeframe, the price is now above the 20-50-200 EMAs indicating a strong uptrend. My stop loss would be 3.82. I'll take my profits at 5.48, 6.00 and 6.83. Good luck!