$NFX Newfield Exploration - Overbought at Resistance

Newfield Exploration approaching overbought territory today on light volume with an MFI of 95 after trading green 12 of the last 13 sessions. Expecting the 50d ema to provide some strong resistance - will be looking for a close under $18.00 for confirmation (<$17.75 ideally).

Targeting a 10%-15% retrace back to $15.00-$16.00 range by early February. Note the open gap to fill at $15.27 from 1st week of January.

Note: Informational analysis, not investment advice.

Note

It's also worth mentioning that the market cap is now up over 43% in 3 weeks from the low set on December 26th...definitely unsustainable.

Note

Stopped out. Did not retrace as expected. Relative strength strong.

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