Northern Oil & Gas breaking supportNORTHERN OIL AND GAS - 60d expiry - We look to Sell at 39.40 (stop at 41.60)
Posted a Double Top formation. The overnight rally was sold into and follow through bearish momentum resulted in prices posting net daily losses. Trades at the lowest level in 10 weeks. In line with the possible early stages of a head & shoulders pattern and the strong rejection of gains, we look to set shorts in anticipation of a swing lower. We have a 61.8% Fibonacci pullback level of 35.00 from 29.57 to 43.64.
Our profit targets will be 35.00 and 30.00
Resistance: 41.57 / 42.86 / 43.64
Support: 38.25 / 35.00 / 29.57
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