Energy stock is the growth stock in my country lol. With the strong fundamental and political background, I would be waiting for the accumulation zone but the board keeps buying back their stock right now .. So, fundamentally the price may not retrace to the zone.
I think GULF is going up and forming a triangle , and at this point I think it's good position to enter the trade. the price to take profit is 51.75 ( trendline, suggest to take 50% of your position) and if It break trendline let the profit run to 59 bath, stop loss at 47.50
- We are in the final cylce wave - Wave V, with Wave IV as a triangle. - First TP is at 46.75 - 75% Triangle TP.
Recently you were found high (wave3rd), after wave peak that start correction as wave4th. my idea it's graph corrects as Triangle pattern. I made trend line b-d for monitor, once graph breaks then finish correction phase and wave 5h is beginning.
1. volume down as sideway 2. same as bitcoin when going down to 35000 and many people draw triangle but it was not
It can be the ended of wave 2 and coming in Wave 1 of 3 , the Fibonacci show retracement at 0.5 and MACD cross the Signal Line that show it gonna be Wave 3 and i thing we shoud Long the "GULF"
Oversold, use the new supportive price of 149 as a stop loss. Usually, a movement like this can gives you a good entering price. Let's see what happens tomorrow.
The support is at the old low, 157. I saw the stock was moving down fast with low volume. I jumped in at 157 and 156.5. The risk-reward was OK but I felt like I would have a high winning chance of buying it here. The profit-making price is the next resistance,161. This should work out.