This is definitely not the time to buy as its in a major down trend and it seems to be rejecting resistance next earnings is in march, which gives a lot more time for this stock to keep falling, which i am doubtful will change the trajectory of this stock. Even the Iran situation had very little effect. If you have seen my post on oxy, I believe that this is in a similar situation, where it was in a massive falling wedge , so when this goes up there will be massive upside. I plan on buying on the next bounce, then setting a stop loss and adjust it as it approaches resistance. I'm doubtful that a second bounce happens based on how this price action is moving. It's worth to keep this on your watch list.
If there is divergence on the next bounce, I will take the trade. Moreover, I do think by the time this bounces Natural gas and oil will have a bull run.
If there is divergence on the next bounce, I will take the trade. Moreover, I do think by the time this bounces Natural gas and oil will have a bull run.
Kommentera:
With all thats going with corona virus this whole set up is invalidated.