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Commodity trade by another means! Just work in a long position with fundamentals. p.s. Check-out the closing price line chart for line placement -
Double bottom and a cup & handle along a horizontal support Daily hidden bullish divergence on the MACD 4hr hidden bullish divergence on the MACD and RSI Stop = Below horizontal support 1st Target = Horizontal resistance 2nd Target = Horizontal resistance 3rd Target = Measured move of the double bottom
NYSE:DNOW SWING TRADE Reasons: 1) Bounced on support 2) RSI Crossing up 3) MACD Crossing up 4) Big red bars down Entry: 7.92 Target: 8.94 Stop Loss: 7.68 Risk Reward: 4
20% move from August, rising up against established down trend line. Looked like a good short into pre-earnings pullback and seasonality on oil. Target $11.60's or thereabout.
DNOW prints a hammer on the daily chart as 2,000 of April 17.5 calls traded today on the ask for $0.20. This trade is $40k of premium, calling a bottom on DNOW that has fallen from strong resistance at the 22.85ish level. Trader stands to profit $20,000 per $0.10 increment above the break even at $17.70.
DNOW expected to open at 22 for a Retest Gap. Watch out for nearby pivot. To learn to trade this strategy for free go to www.RealLifeTrading.com