PBF Energy Inc Triangle BreakoutThe idea here is about PBF Energy Inc:
PBF Energy, Inc. engages in the operation of a petroleum refiner and supplies unbranded transportation fuels, heating oil; petrochemical feed stocks, lubricants, and other petroleum products in the United States. It operates through the following segments: Refining and Logistics. The Refining segment refines crude oil and other feed stocks into petroleum products. The Logistics segment owns, leases, operates, develops, and acquires crude oil and refined petroleum products terminals, pipelines, storage facilities, and logistics assets.
My view is bullish (Swing trade) for the below observed technical factors.
Points as per TA on a weekly & daily Chart:
1.Contracting or Symmetrical Triangle breakout on a weekly & daily chart at the time of publishing as per below:
2. Double Bottom formation under process at the time of publishing as per below:
3. Bearish Navarro 200 harmonic pattern CD leg in progress at the time of publishing as per below:
4. Trading way above 20 & 200 EMA on a weekly & daily chart.
5. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on weekly chart is Strong for an upward momentum at the time of publishing. However, Kumo twist on daily chart is weak & kumo breakout and kumo twist is neutral on monthly chart at the time of publishing.
6. RSI is at 58.59 on a weekly Chart and 61.02 on daily chart at the time of publishing.
7. MACD above signal line on daily chart & below signal line and converging on a weekly chart.
8. Hull Moving average is sell on daily & monthly and other moving averages are strong buy. However, weekly Hull Moving average & other moving averages on monthly chart is a strong buy.
9. ADX (Average directional index ) trend strength is at 14.37 on a weekly and 24.83 on a daily chart which indicates a absent or weak trend (ADX between 0-25 is a Absent or weak trend) Projected Target: provided in the chart as per double bottom & Bearish Deep Crab harmonic pattern. Trend is flat at the time of publishing.
Target: Provided in chart for double bottom & bearish Navarro 200.
Stop Loss: Provided in the chart.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
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