EURN has been respecting an upward trendline for quite a long time, with a recent bounce of it once again (red circles). Furthermore the downward trend has been broken recently, which is another good sign. And don't forget we still have a gap to fill at 8.885, plus fundamentals are good with a target of EUR 13.50. So overall looking bullish for now. So what...
Will be monitoring price action closely here and if support seems to be holding, possibly looking for a good entry.
So why am i looking at EURN? Because fundamental analysts are giving a target of EUR 13.50. And furthermore a longer term downward trendline has been broken and is currently being retested. If the retest is successful then the next resistance is around 13-14, lining up with what the fundamentals say. Now let's zoom in. Very simple, I want to see EURN back into...
Analyst buy rating with good technical signs for long entry with tight stop . Entry 9.93 Stop 9.7 Take profit 11, adjust stop daily .
We have 2 demark buy signals and the chart is totally wedged here. I think we see a strong pop up within a week.
A few symbols combined. Ready to pop up soon?
$EURN is holding above fib 0.618. RSI is below 50 which is not a good signal to be bullish. Needs to get above both SMA50 and RSI 50 to be bullish.
Euronav NV engages in the transportation and storage of crude oil. It operates through the Tankers and FpSO (Floating Production, Storage, and Offloading Operation) segments. Euronav reports earnings May 7th Relatively strong (High Timeframe) support/resistance lines High volume since October 2019 Looks like it's ready to head to the next resistance line ...
Pretty strong parallel trend here going upwards. Good amount of resistance at that 1 Fib retracement level but i see us passing through that in a week or two at this rate. Also a lot of tanker stocks are above 80 RSI so i don't see too much of a problem there.
Updated wedge, looking forward to this breakout!
The shipping spot market "is going to stratospheric levels," Euronav (EURN -0.7%) CEO Hugo de Stoop tells Bloomberg. "We think it will go higher and higher, simply because there are more and more ships which are being taken out of the fleet for storage purposes." The CEO will be appearing on CNBC to give it another pump tomorrow PLEASE GIVE US A LIKE IF YOU...
The trend lines that I've have drawn are showing a breakout and a triangle pattern. As for why I think this is headed bullish, the EURN is a company that stores oil and makes more when the oil futures term structure curve is in contango. So, if oil continues its downtrend(I believe it will), it will cause futures to go into deeper contango since the cost of...