- Finally after the market shook off all the prophets of doom who were calling for a market correction the bullish trend is continuing its course.
- OIH is highly liquid stock but the chart seems to be setting for a revisit of the ATH.
- Entry area is the current range.
- There is a good R:R so no need to have a tight stoploss.
1-hour chart, OIH needs a quick rebound - otherwise a correction will happen to 0.374 extendable to 0.362
New buy entry above 0.405
Above resistance (BLUE line), the target will be 0.512 extendable to 0.521
RSI is positive, in the buy area.
MACD is negative: downwards is highly possible.
As we can seen now and speculated yesterday that the pattern will continue to be formed on the chart. We can now see a clear reversed head and shoulders with the target. pattern is 100% confirmed once it breaks the shoulder lines upwards. an order to buy will be put around 0.198 and 0.20. Best of luck
As we can see, we can speculate that the char will continue to form the other shoulder so a reversed head and shoulder is drawn and can set a goal for it around 0.23-0.24
Anyway chart is not completed yet however a trade can be done till the other shoulder is drawn on the chart and if it continues, you will have bought the stock in a lower price than u would...
WE START BUILDING LONG POSITIONS FROM
ENTRY ZONE NUMBER 1 : 0.248 UP TO 0.250
ENTRY ZONE NUMBER 2 : 0.237 UP TO 0.239
ENTRY ZONE NUMBER 3 : 0.226 UP TO 0.228
STOP LOSS : WEEKLY CANDLE CLOSE BELOW 0.198 -20% FROM ENTRY ZONE 1
TAKE PROFIT 1 : 0.342 +37% FROM ENTRY ZONE 1
TAKE PROFIT 2 : 0.401 ...
