Delek Logistics, logically descending. DKLImmediate targets 40, 37. Invalidation at 58.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe
DKL trade ideas
Resurging $DKL amidst Pandemic$DKL delayed expansion plans of oil and gas companies could lower demand for midstream and pipeline services in the near term. In this difficult period oil and gas companies are facing the challenges posed by the drastic drop in crude oil price. $DKL started the 1st quarter of 2020 in great standing at 32.40 and suddenly drop down 5.61 in March 18 due to pandemic crisis which affects everyone. If we check last year, date to date the price is at 32.96 which drop upto 50%, as seen in the graph $DKL now striving to rise up back again. Must watch for the coming days!
DKLI'm publishing this so I can come back to it and see how it plays out. Could be BUTTERFLY. Could also be an AB=CD to the downside. Current formation looks like a small diamond which could break up or down. Could also be a Bear Flag. With the 50dma rising, there is a bullish slant. However, this is Oil Well Services, and energy has been hurting. No edge at all for me. Also, on the weekly, the Butterfly could be presenting a Bull Flag. It will be interesting to come back to this in a few weeks to see how it plays out. Also worth nothing the AB=CD equality lines up with the 100dma and the AB=CD 1.272 ext (common with the.786 retrace) lines up with the 200dma.