In addition to the trampolines on both timeframes,
it appears we have a potential smaller inverted H&S
within a larger inverted H&S.
Measured moves for both shown for reference.
Something to keep an eye on.
$CVI was already looking like a breakout.
Hit top of the cup at 18.3 and is regressing right now (handle).
If it starts to trend up today expect breakout tonight/tomorrow
Very extended over the course of 6 months but CVI appears to hold the rules for a wave (iv) since it did not drop below the top of the first wave. It is cureently up trending and has a potential to hit $22 in the next 1-2Months.
Let's face it, this company is terrible.
Mediocre balance sheet, overvalued, has increased debt, bad earnings, everything is terrible.
It's at least double the price it should be.
So, I decided to short at 42.30 and I'm aiming for the other side of the channel.
This is a bullish swing trade I am considering entering tomorrow. I am going to watch the markets closely to see how they open tomorrow as well as the oil market. I liked the crude inventories number that came out this afternoon which I believe could help boost oil prices as well as oil stocks in the near term. It looks to me like the price is at a decent support...
17-week uptrend with strong volume moving in. Expect a bit of consolidation as we get to next resistance level, but continuation of trend favors continuation to multi-year highs near 48. Entry here would be half a position with a tight stop until we clearly graduate above the next key level.
