Long term uptrend expected due to rising oil prices and increase in "Demand"
IMO Short term swing positions should be strategically long. However, caution must be paid to renewables' play as that will impact oil's price action, which in turn will impact CPG
CPG is currently within striking distance of a major resistance. Expecting pullback to previous S/R and will but when it retraces back up to the higher S/R
SELL $3.47 - MAJOR RESISTANCE
STOP LOSS - $1.74
I have provide few quick notes on the weekly chart of CPG. Notice the trend of the MACD and the moving averages beginning to move up. With inflation rapidly approaching and demand for oil still very much prevalent, even with all the electrification of society, it will still be a heavily demanded commodity. Solar and wind will not be able to provide all the energy we need.
Quick refresher to previous ideas on CPG. Patience will pay off on this trade. Owning CPG is pretty safe right now after 90% drop from highs and consolidation/reversal pattern showing up at the bottom.
This is complementary idea to long term CPG idea (linked).
Yesterday, CPG has completed Reciprocal AB=CD pattern and produced a bullish daily candle. I believe that correction from $4.46 to $3.33 is over now and CPG is ready to rally to its next target at around $6.21. That would be a retest of once major support break. It also coincides with...
Up up and away! Nearing a bottom at 5 years you have an inverted head and shoulders pattern which is a bullish bias. To get the profit target measure the length of the head as you see it on the chart then project the line upward to gain the standard measured target. In this case it's about 4.12. Remember that targets can be exceeded, not at all or within reach.
CPG (Crescent Point Energy) oil producer was beaten down over the years. I believe company has a lot of value and severely undervalued even at current WTI prices. Chart analysis shows that most likely CPG is likely bottoming. It producing Broadening Formation pattern accompanied with weekly RSI divergence on a high volume after very long trend down. This is the...
CPG, it's looking poised to go up again, I'm not entirely sure on this one....yet, but maybe just maybe...yeah it should make some gains wait a little longer for confirmation but yeah it's getting ready