Mean Reversion First then Go Long
Updated
OXY is very extended relative to its moving average ribbon. But the breakout looks promising for a long. Look for consolidation for a few days or a pull back to its 13 EMA to enter long on the the multi year breakout. I traded the fake breakdown on a recession signal a few months ago and now its time to trade the possible breakout on more inflation!
To be clear if the pull back doesn't happen I wont chase. Let it reload first. If not There are lots of other tickers out there.
To be clear if the pull back doesn't happen I wont chase. Let it reload first. If not There are lots of other tickers out there.
Note
OXY is now tagging the upper daily ribbon and could be a good time to long for a swing. Howerever lower timeframes look bearish. When the lower levels flip bullish Im in.Note
Now all time frames are bearish. This could be a 2nd fake breakout of the multi year consolidation. Or is this a fake breakdown of a real breakout...Note
Ok now looks good. I will have a stop at the weekly 48 emaNote
You could also use the blue trend line as a stop as well.
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