Fundamentals: STNG is a crude product tanker operating mostly on spot rates. Demand for crude products remains resilient in the ST due to strong refinery activity coupled with a slowing growth of shipping tanker supply moving into 2017.
Technically, stock looks ready to breakout to low 7's as per the chart. ...
-Today's plunge not surprising
-Key support levels still hold
-Ichimoku is neutral as of now
-Despite EIA report today, fundamentally I'm still bullish up to the $50 mark
-Look for long position around $43.15 level
Regardless of what the markets think the FED might do, raise rates or not, QE4 or not.
Removing the FX element in our analysis show us that even the NASDAQ is trading below Ichimoku.
Tight stops, a strong stomach and patience. It's not that different this time.
This week is a good time for a cheeky short.
TP highlighted by red Elipse.
Correction has been oversold for now.
Buy small pullbacks to previous support levels and then stay patient and see what the price action tells us.
Further short opportunities ahead.
Update: Target Reached. Short Closed. Looking for further short opportunities.
Yellow: Falling ST Trendline
Blue: MT Channel Bottom
Green: LT possible Support.
Since Summer 2014. Watch those megaphone formations followed by a drop every time.
We could see a trend reversal but that long ...
Blue: MT Bear trendline
Red: ST Corrections
Yellow: Current Support/Resistance zones
1) Notice how often the prices along the Middle blue bands get rejected (shown by pink ellipses).
2) This is then followed usually by a low at the bottom blue band (shown by the purple ellipses)
3) I have a ...
Waiting for Friday to close outside of blue trendline.
If so, I will open a position on Monday (shown on the chart).
Note the huge symmetrical triangle. But don't be hasty - wait for confirmation of breakout.
Long term view:
Huge Move building up in Corn.
Be patient. Break above the cloud and huge green resistance would signal a decent sized Bull run.
Target Entry at 420 on the weekly close.
First target would be the 550.
Red line invalid
Lower Blue Channels still holding.
Yellow Channels are long standing. We may see a retest of the bottom yellow lines.
Resistance/Support lines marked in Pink
Refer to LT view attached below:
Update: Closed right at the support zone. US GDP will be catalyst for move tomorrow.
QQQ has broken its upward trendline. Could be a small correction. Prices may try to hug the trendline.
Daily Close below the first Strong Support would signal a ST correction (case further strengthens if close is below Ichimoku ...
Update: Stopped out of this trade. Could be still valid if depending on your money management strategy. Close above $50 needed for this short to be invalid IMO.
I opened a short yesterday.
Description in the chart.
Refer to LT Support/Resistance shown by yellow lines
Update: Both Profit Targets Reached. Trade played out well. Looking for further short opportunities.
Big Resistance at Blue and Greens (Refer to Snapshot attached)
I'm expecting a retest of blue trendline.
2 position. 1 conservative. 1 risky.
Long daily doji at yesterday's close was the short signal ...