STO (Santos Limited) || March 5, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
(Left chart) In the broader context, we observe a price increase following a Leading Diagonal pattern, which concluded at 7.98. Subsequently, there's been a three-wave decline labeled ABC(circled, green). At this point, it's uncertain what will occur next, as Leading...
Hi all,
An ascending triangle is classified as a continuation chart pattern.
Continuation patterns are expected to lead to the continuation of an existing trend.
While the ascending triangle is considered a bullish continuation pattern, exceptions are quite possible. It’s not infrequent to see it develop in downtrend conditions.
Breakouts can also happen in both...
2week STO chart looking good.
RSI shows a breakout
and price confirms it.
expect the $9 mark to be broken
oil price has moved first but now
the oil producers will follow .
confirmation that oil prices will remain
high for a long time...,.. unless the house of saud
starts pumping more.
ASX:STO
LT EMA trend bullish, ST EMA trend starting to turn bullish. Bulish volumes starting to dominate.
Two potential nodes identified. The POC at 6.34 which is the POC of the last 4 years.
The other is around the 6.90 node, the POC of the last year where the stock has been ranged bound.
I'm placing my trade entry around the long term POC, wait for the...
Oil may be topping out.
Momentum is turning on Crude futures, taking profits here while the economy is slowing.
Oil has ripped since March 2020.
Taking the contrarian view..
Everyone seems to be calling for $100 oil, as much as I think it will get there in due time it is due for a pullback.
Will money flow into monetary metals?
STO LONG thesis is pretty simple.
Energy companies generally have a high correlation to their underlying commodity. In recent times a gap has opened up (illustrated by yellow line)
Oil & Natural Gas have moved higher substantionally YOY%
STO share price has come off, potential risk could be this seismic shift to green energy and flow of funds to those projects...
Share prices made the vital break out of the downward price channel in yesterday's trades in the H1 time frame after falling from 5.86 in August 2020. The critical price level to watch is at around 5.18 and 5.35, a break above 5.35 could see share prices head towards the 5.80 targets.
The current critical support and resistance estimates on the price chart are...
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...
FORMED A NICE CHANNEL,CLIMBING TOWARDS MEASURED MOVE FROM THE DROP, MEASURED MOVE INSIDE CHANNEL IS PLAYING OUT ON SECOND TOUCH OF RESISTANCE LINE. Getting into good Fib Zone, showing strength , more touches on resistance than support indicating up swing. Fundamentally strong also, Couple of big projects in the NT waiting for Rona to piss off.
IF STO can break out of the long term down channel, we will average up. add to our existing positions in STO.
day chart shows an established uptrend intact.
Buy if price reaches $10 and hold till price
retests all time highs
