BillyStaples
Long

ascending base complete, Flag pattern on FANG

NASDAQ:FANG   DIAMONDBACK ENERGY INC
180 views
5
On my May 23 post, I explained the build up of FANG's Ascending Base pattern (https://www.tradingview.com/v/Qv0vM7jq/). Since then, it's completed, breaking out on June 3 and continuing to its target shown in light blue on the graph. FANG now appears to be forming a Flag pattern , which tends to continue the previous trend (up) after breaking out of the flag pattern .

FANG has held pretty strong at $87.50 support during this consolidation time frame from June 17 to present, even with some extremely heavy down volume days. This consolidation has allowed RSI and MACD to reset a bit from its overbought conditions.

I expect a few more days of consolidation, perhaps until the end of next week. At that point, I expect a breakout to the upside. If a breakout occurs, I'll open a larger long position.

FANG is also generally influenced by the NASDAQ. If the NASDAQ falters, it could cause FANG to breakout from the Flag to the downside.

Comments

In 5th wave impulse on weekly as well as sell swing, obviously nothing actionable until consolidation resolution just be wary of higher frame
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