What a shocker..... Another over extended oil company stock.
This is a WEEKLY chart
What do we do with these? Clearly the entire sector is reaching historically significant price levels.
This stock charts out very nicely. There is currently an overshoot to the ascending trendline that has contained price advance in it's history.
Because there is a special situation impacting prices this post is meant to show historical significance.
Obviously a selling situation but don't jump in front of a freight train. Do with it what you will.
This is a WEEKLY chart
What do we do with these? Clearly the entire sector is reaching historically significant price levels.
This stock charts out very nicely. There is currently an overshoot to the ascending trendline that has contained price advance in it's history.
Because there is a special situation impacting prices this post is meant to show historical significance.
Obviously a selling situation but don't jump in front of a freight train. Do with it what you will.
Note
You can't underestimate the significance of the position this market is in at the moment. At each point since this line of 30 years has been breached there has been a decisive reversal. Note
This makes it 4 for 4... decisive reversal each time the white line was breached. Fantastic short trade.... 6X on the 180 puts.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.