Long
Bonanza Creek Energy continuing its uptrend
Hello Traders!
After recovering from the shock in March, there is no reason for the price of Bonanza Creek Energy to not revert to its normal range. It broke through all the moving averages and the support/resistance at 16.43 without problems and the MACD looks very optimistic as well. It's already impossible for the next high of the MACD to be lower than the previous one, which indicates convergence with the price and trend continuation. On the other hand, I don't see a reason for the market sentiment to be optimistic enough for the bulls to break through the historical resistance of 26.11. The RSI seems a bit out of place, I attribute its oversold indication to the current rally within the price corridor, so no reason to worry!
VF Investment cannot be held responsible for any financial damages suffered from following our well-funded but personal opinions and trading ideas.
Please, maintain proper position sizing and risk management!
After recovering from the shock in March, there is no reason for the price of Bonanza Creek Energy to not revert to its normal range. It broke through all the moving averages and the support/resistance at 16.43 without problems and the MACD looks very optimistic as well. It's already impossible for the next high of the MACD to be lower than the previous one, which indicates convergence with the price and trend continuation. On the other hand, I don't see a reason for the market sentiment to be optimistic enough for the bulls to break through the historical resistance of 26.11. The RSI seems a bit out of place, I attribute its oversold indication to the current rally within the price corridor, so no reason to worry!
VF Investment cannot be held responsible for any financial damages suffered from following our well-funded but personal opinions and trading ideas.
Please, maintain proper position sizing and risk management!
💥 Free signals and ideas ➡ t.me/vfinvestment
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