Will be watching price this morning for a potential breakout of the current bull pennant. Bull's favor: 1. Large buying volume recently 2. Golden cross formed yesterday 3. MACD near a bullish crossover 4. Medium-term trend is currently with us 5. Bull pole/Pennant pattern currently (15 Min) Bear's favor: 1. Negative divergence in MFI and RSI created...
I am thinking about paper trading a long position around this price point (2.97 area) based off a few factors. 1. Positive MFI divergence relative to recent price action 2. MACD nearing a bullish zero-line crossover 3. Of the opinion oil will be bouncing soon, SDRL should follow accordingly A few resistance points up ahead that will need to be broken through, and...
HAVE A TRIGGER SET ON SDRL IF WE CLOSE BELOW 2.88, WOULD BE LOOKING TO SHORT
Looks like it is basing and will move upward from this level
Key reasons for taking a position: Triple RSI divergence, with lower low price made for every higher highs in RSI Velocity of the crash is getting steeper by the day! 77 degrees Price is close to the 2003 support lows. Take your time in building a position gradually over time, as I'd still want to wait for the final indication to go all-in for a...
This is a time where all fundamentals about the oversupply of oil, glut, and worsening global economy should be ignored. It is simply so oversold that it in the near term it will vastly outperform most other assets. There's simply a limit to how low it can get before it bottoms. No, WTI (USOIL) isn't going to $20 in the near term yet. I do see a possibility of...
A great longer term buy and hold stock in general (in my opinion) This is another time to be more bullish than bearish.
SDRL expected to open at 11.83 for a Retest Gap. Watch out for nearby pivot. To learn to trade this strategy for free go to www.RealLifeTrading.com
There's a strong support for oil at $37.72 and I believe that will be the bottom in the coming months. It is only bouncing given the extreme oversold condition and that does not change the fundamental fact of an over supplied oil market and many more that are stored in offshore tankers. I highly doubt the long term log trend in black will hold. (Temporary bottom...
The stock is certainly in a longer downtrend. A Turnaround is to early to tell - Even though, it can be time to start looking at a longer term Long position in the stock. Looking at the timecycles "Low to Low" from 2004 - present, It seems to come in a cycle Low every 76 to 81 weekly bars or every 500 to 550 days. We might now be at week 77 from an earlier Low....
Possible downside to SDRL... - Break of the neck line in the H&S pattern coupled with a break of the upward channel at the same spot - Big volume making this move - Pink lines are Fib levels from the downward move from the head of the H&S pattern (possible support/resistance) - Blue arrows show possible price movement