Looking for a break of the smaller trend line for the next run on wave. Not entirely sure if the H&S pattern is valid. Be interested to hear opinions. Bouncing up the fib ladder nicely. Target 50% then H&S pattern limit - Blue line.
Oil, Oil, everywhere, and not a drop to drink.
Pretty obviously breakout pending.
Position:April 16 $5 Call contracts at 0.60 each ($60 each).
PT1 = $6.82 (sell 2 contracts of 3). Potential gain of 300%.
PT2 = $8.26 = PT of 500%
Stop loss at $4.44. We'd likely lose around 50% of the initial investment cost.
Conviction of around 85%.
Presently trading in centre of channel. Awaiting for price to drop to lower end of channel.
Indicators show price moving to the lower end of the channel as usual. MACD and RsI dipping into the 0 lines.
Awaiting good point for entry.
Waiting for a support level to hold and or bullish divergence to give a sign that a bottom is in. Sentiment in the sector is so negative that a tradeable bounce should occur
WCP Observation - Neutral bullish here. Just like the set up. Tapping the trendline again and has poped from the trend-line historically. MACD looks to be slowly turning. RSI is not oversold but looks reset here. Observation shows alot more factors to the upside rather the downside. Just need to hold the trend line!
WCP is looking extremely oversold on their weekly chart for RSI, but still has further to go.
Volume is still increasing on the 1D in a downtrend. ( bearish )
on the 1H, WCP has created a lower low yesterday at 3.80, then a lower high today at 4.20. WCP will need to push above 4.20 for a higher high and a chance at a trend reversal. If you look at the Monthly...
