Again the same argument. The price is breaking a key resistance line from a weekly view, now we need to wait for the pullback around the 10.10 level so that the price consolidate this new earned ground and then the resistance line become a new support. The argument for all of this is a bullish Oil Futures. This time I am a supporter of a long term trade based on...
Move beyond year long base Breaking key psych. level at $10 Daily view shows 14-week double bottom Daily view shows strong volume Wait for completion of weekly bar.
If this stock follows the channel it's in, it should increase by 25% over the next month.
ERF has had a large run up relative to other companies in it's industry. There is a large wick with large volume, this is a sell signal to me. I'd pair this short off with some long XOP but either way I believe it should work.
Time to hold this for a week. He hit support and bons back.
Long > 7.75 Stop - 7.49 Target - 8.85 - 9 - 9.5
I like this pattern is because the nice recovering this week, the breakout is going to be big, the volume concern a little be.
If we can break tthe 6.75 with great volume this thing is going to rock...The volume concern me because we need a break of the descending histogram
strong candle watch 200 day ma hook pattern above 50 relative strength strong get our book on amazon for patterns
above cloud good candle see the best candlestick in our book on amazon chapter on candlesticks relative strength strong cci and percent r in upper bands