OII: Oceaneering International, Inc. 2018-08-20 07:01:00 Oceaneering Announces Petrobras Drill Pipe Riser Systems Contract
Double top with a 3/4 pullback (natural movement in price) to take prices lower.
I have a short position in Oii, i will add more to my position tomorrow at ny open, with a stop at 23.12 with the initial target for all times low at 19.82. Following that oill will continue the bear market.
The downmove couldn't be stopped and is accelerating.
The selloff is over it looks like it might be reverting to the mean (going back to one of the averages). When the ma8 gets this far from ma20 the price seems to move back...Price is seperating from the lower bollinger band and a good risk to reward trade could be considered here.
Anyone who follows me can see that I am a student of Wyckoff, and this setup is (in my opinion), an ideal secondary test (ST) entry. We have a selling climax (SC), followed by an automatic reversal (AR), then a secondary test (ST). Now anyone who has read Wyckoff knows that he didn't favor these types of setups, because he preferred to speculate during the mark up...
Odds for short selling continuation based on daily bear flag breakout. Clearer chart can see on site too