Dear traders,
Id like to share this idea in order to take long positions,
100- 110$ is is a good price range to look for buying opportunities.
Additionally RSI is clearly oversold and prices already went down quite aggressive.
best,
- Range trading
- Playing Support and resistance
- Safe entry will be once the level 134.4 breaks
Entry Level(Buy Limit): 103.54
Stop Loss Level: 93.89
Take Profit Level 1: 113.19
Take Profit Level 2: 122.84
Reasons for bullish bias:
- Price has made double bottoms
- Entry is at neckline breakout for confirmation
- Entry is also above strong weekly Support turn resistance, if it breaks we will have more points on our side
Entry Level(Buy stop): 117.79
Stop Loss Level: 108.15
Take Profit Level 1: 127.43
Take Profit Level 2: 132.34
I had puts on this one and sold them at the 117 support. We are having a nice bounce up from that same support so I'm buying puts again as shown. The triple top is a strong bearish pattern and at every rally to upside is an opportunity to short it.
EOG Resources is seeing incredible resilience at 135 given the broader market. Recent energy names posted on here compliment this trade as we look to see if energy as a whole will probe higher.
The PEAD projected a bullish outlook for NYSE:EOG after a positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 33.33%.
The PEAD projected a bullish outlook for $EOG after a negative under reaction following its earnings release placing the stock in drift D with an expected accuracy of 80%.
Looking at the EOG Resources options chain ahead of earnings , I would buy the $125 strike price Calls with
2023-3-17 expiration date for about
$2.60 premium.
If the options turn out to be profitable Before the earnings release, I would sell at least 50%.
Looking forward to read your opinion about it.
EOG Resources, Inc. engages in the exploration, development, production and marketing of crude oil and natural gas. It operates through the United States, Trinidad & Tobago, and Other International segments. The company was founded in 1985 and is headquartered in Houston, TX.
A chart pattern formation completion upon price movement upward
Third peak must be established
Price has cleared 1.618 of a downtrend circle
Bars pattern is price speculation
Weekly Chart
