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