Get started
Diamondback Energy, Inc.
Long

If FANG > 106, breakout and go long

By DennyP
Updated
With WTI oil > $60 a barrel, I'm sure there's computer algorithms (based off futures or derivatives or whatever) that will buy oil-based equities. I like FANG and WPX in this space. Hopefully FANG can break out of the resistance of 106 level.
If close > 106, I like the upside here.
Trade closed manually
FANG never closed > 106, and never broke out over resistance. I also did not have a position in this, so not sure how to comment on a stock without "opening a position" here on TradingView. Anyways, WTI is still $59 a barrel but the entire energy sector is selling off. I'd wait for stochastic oversold, and look for an entry in the mid 90s.
Note
The behavior on this one is strange. With WTI and Brent going up in price, you would assume E&P stocks would do well.

FANG stuck in 100-106 range. Yesterday, saw a drop from 104-100. And today, 100 to 106+. Hopefully there's a breakout to the upside past 106.
I also like PE, and WPX. I opened a PE position today (breakout there).
Trade active
Hopefully beginning of breakout here. Keep an eye on WTI and Brent oil pricing.
Trade closed manually
Sold at 109.50 2 days ago. I'll reload when this gets close to 100.

But the sweet spot looks like PE and WPX. More beta.
Trend Analysis
DennyP

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.