(24/1000)
Ascending Triangle for IMO (chart on left)
Not confirmed.
Possible 59,64% gains.
This is solidified by the fact the SPN (energy sector, chart on right) is also building into an ascending triangle (not confirmed) with a possible 41,62% gain.
Now for the analysis of IMO:
Pros:
1- Bullish Ascending triangle
3- PPS above 50MA and 200MA
3- R/R ratio...
The PEAD projected a bullish outlook for $IMO after a Negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 71.43%.
What we can see on the chart is a double top pattern.
We expect that the price is going to move downwards, once it broke below the neckline you can enter short with a sell limit order.
Do not forget to put a stop loss above the double top to protect your capital.
Two big patterns can be identified on chart, one ascending one descending. Both are bullish.
Upon completion a large bull run ensues.
The previous chart pattern has just finished forming and breakout further up (green arrow) is occurring
The PEAD projected a Bearish outlook for $IMO after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 80%.
Pretty neat chart on $IMO
*7 month coup w/ handle
*Cup base was a head & shoulders bottom
*Handle taking on the shape of a 2 months bull flag
Need to give us a tight pivot to anchor risk around.
Watching but Its not ready just yet.
another on in the oil sector is $IMO with its 6 months cup and a handle in the shape of a bull flag. Making it to my primary list along side $DEN and $WLL
IMO is the best looking oil company chart that I could find. The weekly pattern shows the possibility of a three week test of the low. This support level includes the 40 week moving average and the .326 fib retracement level.
The wave structure suggests that we may be in the fourth wave of an impulse pattern, with wave five to begin soon. Often, wave five...
Somewhat skeptical of Oil stocks but this sector seems to be perking up
Theory being that a potential Dem win = less oil production = higher prices for oil. IDK
IMO was overbought but after this pullback it brought it to the middle of overbought and oversold. Which means it is heading up.
Shout-out to @maxim77788 for making my charts better by using RSI and Asfx TDI
So this chart is ugly. Lower highs and lower lows, but we are near the 10 year bottom in its price. I think with the peak dollar gearing up for weakening from Fed rate cuts we could see a higher oil price and alternatively a higher IMO stock. Gearing up to open a position of 1.5% to 3% on oversold days.
IMO nicely breaking out downward channel formation. It looking very good as Oil hedge play.
* Trade Criteria *
Date First Found- June 19, 2017
Pattern/Why- Downward channel breakout
Entry Target Criteria- current price
Exit Target Criteria- N/A
Stop Loss Criteria- $28.67
Please check back for Trade updates. (Note: Trade update is little delayed here.)
