Oil jumped 4% today on the news. The various charts check out, too.
Oil is breaking out of a wedge and may continue towards its large inverse H&S target.
I'm adding to the three companies I already own.
This energy company:
- ran up from its lows
- consolidated at resistance
- is now breaking out of that consolidation
- is showing a large inverse H&S (parallel with Oil)
Long position from $12.10. 10% stop, a little below $11. I'm a little late from breakout so my risk is slightly higher, but still <1% of ...
Over the last 8 trading days, Oil has dropped from $44 to $40. Meanwhile, LGCY has simply held in consolidation.
Today Oil might be putting in a DCL and LGCY seems to be breaking above its 10 & 20 SMA.
Buying here @ 1.77 with a stop @ 1.62, or about 10%. Overall risk is < 1%.
I made a LOT of money in LGCY ...
It held up nicely consolidating its rally in 2016. As a result there is an Inverse H&S that could power another rally if commodities recover.
Yesterday it broke out of the smaller daily consolidation and today it looks strong as well.
Took a long position today ~$12.60
Chart looks like THM, building up to an explosive breakout
I saw the breakout happen this morning, waited for it to come down, and picked up a decent position at $1.23.
Coming out of such a long base, this could run very well if a metals bull market manifests.
I sold NCQ for a small loss and moved the money ...
Purchased at 3.41 and 3.75
Selling at 4.87, 36% profit
- Possible double top, may be a short term decline coming
- BREXIT surprise; possible black swan & global market crash. S&P teasing a H&S top today
- Due to economic risks, I'm transitioning to precious metals instead of industrial metals.
Brexit happened. I believe it was a surprise. After some short term volatility, over time I think Gold and safe havens will do very well. On top of that, the charts have been very strong for Gold and I've been trying to get a position for a while, but lacked a decent dip.
Today gold is up 4%, BTG up 9% and ...