As Said in title only gap at this point can make this market move to dogs. Rules to short: Short when market breaches the red horizontal line Reasons To Short: Standing on the volume any gap can make this market to go bump Divergence will be eliminated after gap so there will be nothing left to hold this market Market will follow trend if gap down News looking...
COP continues to stay in a trend channel. Although it takes a while to bounce between the support and resistance levels, it is consistent. Expect COP to hit the resistance prior to earnings date. It will then decline after earnings and who knows how low it will go. Also anticipate the ups and downs of oil to keep this cyclical. Place your calls and prepare puts!
Traders have seen this before, and it continues to play out as the global economic climate breaks down. Although these pullbacks in the SPX are often lofty and swift, it is important to realize volume is the most import factor when considering the validity of a pullback. Here , we can see that the move in SPY is volumeless. The entire squeeze from the Feb. 11...
Bullish Divergence seen on MACD, RSI, and Stock RSI, indicate that this recent fall of COP stock is soon nearing. There is not clear divergence on the weekly chart, only the daily. So I am not expecting this rally to be a complete trend reversal, however, there is ample room to go up a bit to correct for this recent sell off.
I think oil is going to squeeze and this should be a good short term long on COP. Ryan
I believe COP as well as other oil giants are going to get dragged down with the oncoming production of oil. I'm target 44 the .5 fib and 34 the .618 fib. -Ryan