🌐 Market Overview:
Industry Context: NYSE:SM Energy operates as an independent energy company, with its performance closely tied to oil prices and production.
Current Environment: Geopolitical tensions have led to a surge in oil prices, with Brent crude surpassing $89 a barrel, potentially benefiting companies like SM.
💼 Company Strategy:
Capital Spending: SM...
SM Energy Company ( NYSE:SM )
Sector: Energy Minerals (Oil & Gas Production)
Market Capitalization: 5.455B
Current Price: $44.50
Breakout price trigger: $45.50
Buy Zone (Top/Bottom Range): $43.30-$39.70
Price Target: $54.30-$55.60
Estimated Duration to Target: 62-66d
Contract of Interest: $SM 1/20/23 50cTrade price as of publish date: $3.70/contract
huge volatility when we broke our current resistant above the 37.49$, now we should hold above to confirm the breakout and test around the 42.55$ first then above the 50$.
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SM Energy continues to look very bullish with a longer-term cup & handle-like pattern and recent ascending wedge that should move to the upside.
Target around 60$
we will continue up till our first profit taking between 38-40.83$ mark , then if we over come this resistant will go and pump till the 54.20, we need to hold above the 31.99$, to confirm this bullish momentum to hold.
