Murphy Oil is in a consolidation pattern at the high of a very bullish run Bullish Scenario: MUR clears 67.07 heading for target area at 73 and extends the move Bearish Scenario: a failure of 65.70 would indicate the possibility of further selling as it pulls back towards support in the 60 area
Current trend lines suggest IBM heading to around $177 by mid July. Possible reversal of trend if trend lines broken are broken. Little indication of a change in trend are given. Most indicators reading flat or short.
Using EW(elliott wave) theory trading system, this is the result I have received. Not that we used elliott wave levels AND candlestick color from Heiken Ashi. Example: Price is bullish and goes to a EW zone. We want to short it there, BUT if there is no 2 bearish candlesticks on the Heiken Ashi chart at that zone...we do NOT enter!!
Price get out from BEARISH zone. Accumulation has gone. Strong SHORT swing position.