SANTOS (ASX:STO) After a great market Announcement on 28.05 (completing ConocoPhillips Acquisition) we have bounced off support of this ascending wedge and its crunch time. 20% to close the major GAP left by th COVID Crash.
-Respecting Trend of Ascending Wedge (Haven't broken Bearish)
-About to Break Ichimoku Cloud
-RSI not Severely Overbought
-Conversion Line has crossed Base Line back on 21st APR and is still holding spread
-Lagging Line showing us respecting trend but we are approaching a double top
-Testing 100 EMA strongly
Due to the price Mid Major GAP, Still respecting Trend and testing the 100 EMA strongly. I am confident we will see a break through Ichimoku Cloud and close of gap @ 6.51 which is also a Major Resistance area & lines up with -0.27 FIB Extension
Stop loss is below PREVIOUS Structure and Below 0.236 Fib Retracement Level. Risk/Reward sitting at the minimum 2:1
Testing Week for SANTOS.
These Ideas are NOT 'Financial Advice'!. Scenarios are based off a mixture of TA and Fundamentals current at the time. All IMO GLTAH. Happy Hunting!!!
-Respecting Trend of Ascending Wedge (Haven't broken Bearish)
-About to Break Ichimoku Cloud
-RSI not Severely Overbought
-Conversion Line has crossed Base Line back on 21st APR and is still holding spread
-Lagging Line showing us respecting trend but we are approaching a double top
-Testing 100 EMA strongly
Due to the price Mid Major GAP, Still respecting Trend and testing the 100 EMA strongly. I am confident we will see a break through Ichimoku Cloud and close of gap @ 6.51 which is also a Major Resistance area & lines up with -0.27 FIB Extension
Stop loss is below PREVIOUS Structure and Below 0.236 Fib Retracement Level. Risk/Reward sitting at the minimum 2:1
Testing Week for SANTOS.
These Ideas are NOT 'Financial Advice'!. Scenarios are based off a mixture of TA and Fundamentals current at the time. All IMO GLTAH. Happy Hunting!!!