Yesterday we saw a nice reversal in steel stocks. I am looking at this US steel chart the price dropped almost 50% in the past months. Last year we where trading at $42.00 and now we are hovering around the $22.40 level, however the daily chart made a bottoming tail yesterday. This give me the signal we can see some upside in the stock.
If you want to take a...
I am looking at the weekly $VIX chart. Now this pattern catching my eyes. This is a weekly bullish pattern and it's holding the twenty moving average. We might see another week or maybe 2 of consolidation before a breakout imo.
In this video I am covering my trading levels: youtu.be
The daily chart on halliburton here is forming a bull flag. Now we are trading at the current lows so the stopout should be any close below $37.21 and upside target will be $44.00. To get my full view on crude oil visit my youtube video: youtu.be
The weekly LOW chart is looking very overbought. We are 11 weeks up on the chart and this week we made a topping tail. I al looking for a retrace into the tail to take a small short position. My exit strategy can be found here: youtu.be
Kind regards
Kristof De Block
Chief Investment Officer
Kickhedge
I like the Rig Transocean chart for a short-term long play. Why do I like oil plays at the moment? Well last week we saw oil making new lows, but the oil stocks aren't making new lows. This is a sign of strength for the sector. Rig is making a bullish pattern on the daily chart and once we can see a spike in oil these stocks will see a 10% bounce.
Don't forget to...
The past months we saw a major decline into oil stocks. Now this daily Seadrill chart is looking bullish on the daily chart. Once we can see a daily close above the daily 20 MA we can see some short covering starting. For my exit strategy look at my Youtube coverage. youtu.be
2 weeks ago oil closed with a bottoming tail and huge volume. For me this was a sign to look for a retrace on oil. Last week I bought a small position into oil with my fund. I am looking for a multi week bounce into the $22.75. You can watch my other targets in this video: youtu.be
Kristof
Kickhedge
