Potential MACD Divergence coming into play

13 thg 8, 2017

SPE is oversold and has just broken support at $5.40 from Aug 24 2015. It may very well go lower from here if WTIC retraces back to $43 but the slowing of downside momentum as indicated by the divergence creates the potential for a trade-able bounce. There is short term resistance at $5.43 and again at $5.53. A break through $5.53 to the upside could take it to resistance at $6.50 and then $6.75. SPE is trading below the $5.50 price when WTIC was at $43 in mid June even as oil rallied $6.00 to $50.

Please feel free to critique my TA as I am here to learn.

Thanks

24 thg 8, 2017

Ghi chú

SPE at it's downward trendline. Divergence is still in affect but price needs to hold this trendline or look out below