Ok here is one for the oil bulls.
This stock has been beaten up recently,
but the and solid support
at $3.60 and $3.90 suggests ST potential.
Weekly Support is rising underneath, but at $3.50+
Ok the Trade:
Buy now on the gap bar at $3.90 SL $3.80 TP#1 $4.10 TP#2 $4.40
RR := 50/10
If it fails - re-enter at the bottom of the body gap/Weekly support.
Buy $3.60 SL $3.50 Tgt $4.40
Profit less our loss above RR 70/10
Tgt is the upper body gap during WTI push higher and the rising tide.
It has not broken downtrend;
There is a 13m short position overhang;
The body gap under;
Oil and USD rising - good for the bottom line;
last 3 bars and its above the T-Line;
Indicators and BBs (not shown) are positive.
My position: Break out (fake) then pull back to lower gap
then rally - but it depends upon Oil , $US an the S&P500
:= Quick long, short, long
This is an opinion not a guarantee and
... just my 2c worth ...
STO has hit the buy zone with 2 x dojis/spinning tops.
Volume was solid Friday and it gapped down.
Both long underpins suggest (to me) there is bullish absorption.
Short closed Friday - Long opened today.
Weekly support is now at $3.56 with your stop just under that.
For an interesting view on candles and charts in general see Tom Bulkowski at
Patience and confidence
... just my 2c worth