It's not hard not make money with CRC, even without a roundlot. In this case, price is ABOVE the .25 of the previous trend, suggesting an end to the downward wave. A pullback to the .618 would be preferable, particuarly given short interest, but with price above the 50/100/200 MAs I would buy around the 100 MA (11.92). If it sinks lower, just cover using fib...
1. Price Action. Seems strong at this level + bullish reaction after election.
2. Strong support
3. Bullish Uptrend, break of structure high = buy signal
Buying CRC around 10.9- 11.3 has been a safe bet as of late (if you can afford the round lots, which I sure can't!). But this chart shows why the stock could go under 10.6 in the near future... (assuming wave iii= longest)
PRICE CAME DOWN AND RETESTED THE MAJOR SUPPORT TREND LINE AND THE 0.618 (43.00) FIB LEVEL.
PRICE SHOULD BOUNCE BACK.
ENTER WITH A BUY STOP JUST BELOW THE 43.60 PRICE LEVEL.
STOP LOSS JUST BELOW THE 0.618 FIB LEVEL AND THE MAJOR SUPPORT TREND LINE.
PROFIT TARGET IS 46.70 PRICE LEVEL.
STOCHASTIC/RSI IS GOING BELOW THE 20 LEVEL.
A breakdown of OIL with potential scenarios for both the up and downside.
The blue box indicates the criteria for entry with 4/5 requirements needing to be met before entry, this method cuts losses and gives a clear structured way to enter trades that can be back-tested.
Good luck!
According to a new Bloomberg interview Mr Putin is pushing for OPEC and Iran to halt oil supply in order to rally prices above $50 a barrel.
The measure of success will be a close above $46.00 as it was breakout above this level that previously took oil above $50.00.
Given the nature of oil any major exporter announcing they want to cut supply should provoke a...
If price stay above this area i'll try to long this avoiding my bearish scenarios with 1x-2x tgt's
IH&S projection showing 78 as target and last low at 26.06 as critical zone to miss bullish scenario
Made some changes to the chart too finally show my stochastics, usually my stochastics will bottom out on the 50% line of the fib and it is a strong signal to buy
Wait for the confirmation on the 15 minute 50% fib at $45.01 or just put a limit order, Fib gives a good success rate when use with the current direction of the market, 1hour fib also makes good entries such as today fib 50% $43.88 on the 1 hour to confirm Bull trend NYMEX:CLM2016
