OVV (Ovintiv) to close gap before next leg upVery simple OVV set up. Close the gap and push down with oil. Ready for next leg up after covid
OVV trade ideas
OVV Short TermSupport Line: 14,79
Fibonacci: - Retracement line at 0,236
- Resistance line at 0,382
MACD: Bearish in hourly chart
Bullish in weekly (FOLLOW UP)
RSI: Bullish on weekly chart
Chaikin Oscillator: slightly bullish
Stochastic RSI: bullish (gives buy point)
EMA 7: slightly above the candle so bearish
Choppy: enters a trend market
ADX: confirms tend market
Ovintiv - Oil and Gassy Production - LongWhat I see...
+ Price broke above Cup and Handle patter last week but bot pulled back
+ Found support from the rising 10MA
+ Earnings provided further support
+ RSI at 57, bouncing off of 50
+ MACD is neutral but above signal line
+ Hammer-like bar with rising vol.
+ 10MA has just crossed upward
- Both fast MAs are still below the 200 MA
- Down trend stock; may not be able to fill the gap
How I setup...
+ Long entry above week high
- Stop at week low
+ Target at near $12
OVV - Long setup OVV - Looks strong! Lots of buying from $15 in February all the way down to $2.45 in March from multiple insiders. Stop 4.83, Looking for a break above $6.03. First target 11.43, Second Target 13.93.
more room up ( fill the gap)T1: 7.81
T2: 9.5
just sharing my view. its not a recommendation for buying or selling
OVV - CATCH THE KNIFE - insiders bought at $20 and last week 03/31 while the co. is operated out of Denver it changed listing from Canada to US recently, come 3/31 the US index funds will have to re-balance and include OVV, while probably some of the sell off is from Canadian funds getting out.
