Due to several days of strong positive volume the OBV has broken its downtrend and moves to the upside, indicating that there are accumulators at the current level. The prior days candlesticks are testimony to this as they both have elongated high wicks. The weak ADX shows us that the current downtrend is not that serious and thus it is possible to trade against...
Trade location is ideal for a long at the bottom of a well defined uptrending channel. The candlesticks shows signs of a reversal, which shows us an open above yesterdays close and a push higher. The push higher was met with sellers but in the context of the dramatic fall it implies that sellers are losing control and a reversal may occur. The MACD's dramatic...
Large negative volumes in CGNX coupled with divergence in the DMI+ line may indicate the trend is beginning to turn.
This is further confirmed with the presence of a crossed MACD and large negative volume indicating distribution from large holders. Stop above the psychological $50 level which is also a new high. Target of $46.70. At current prices this is an...
CCOI is appropriate as a long trade with a target of $36.49 which is the 0.382 fib retracement level and also at the prevailing downtrend. It may face short term resistance @ 35.54 but anticipate a clearance of this level based on strong volumes and break upwards of the OBV. The MACD cross cements all of the above.
An appropriate short targeting the 0.382 fib which is also close to the 50 day Simple Moving Average (SMA).
Candlestick pattern is also bearish which has occurred at a triple top.
Furthermore the OBV has continued to fall despite the push upwards indicating a lack of sincere accumulation.
A stop above the triple top is appropriate.
The lack of clarity in the ADX and stable OBV show that WES is suitable for a range trading strategy.
As such, a long at the current quadruple bottom combined with a crossing MACD is appealing for a long entry.
A stop below the recent lows and price target of the 50% fib or higher is appropriate.