Sure tech can have another couple % up as the rotation is underway, but this chart looks quite convincing to me especially with the weekly bullish div on the macd.
Then we have a bullish engulfing weekly candle...
Atop of that, last week Cramer said this oil rally should be faded.
Buffet has been buying oil (oxy) which is also an interesting play. Although he...
This will take years, if it is anything like prior cycles.
During this time the stock market generally has a sideways motion (the indexes) (slightly higher highs and slightly lower lows over and over.
it would then crash to 130 ish and settle out at 250 as the new paradigm.
I am fascinated by oil, it seems like the adult bitcoin.
Back to support I think... It was a good attempted breakout, maybe another time.
I do think we reach a point of absolute scarcity due to lack of investment in a rising interest rate environment...
Just putting on my tinfoil hat... it will be after the election.
Oil is mainstream newsworthy now, attracting all the spergs>>
Invalidation would be simple, it breaks above the wedge.
Target could be bottom of wedge, support highlighted green, or maybe even lower... but will go down that road if we are closer...
After failing to swing higher than the previous high, with every single bullish news event that could possibly happen, it really makes you wonder if it will even hold 30 bucks when it gets there...
Ill take a shot at the double bottom, but I have severe doubts.
The idea is that the bearish bat would be completed, and we would mark down to the take profits which are marked.
Deliveries would cause the gap up.
if there is no gap up then we have a potential gartley already completed.
It is hard to look at this chart and not take a position. I wish I saw it yesterday... We just sprung off major support.. Anyway, maybe we get a pullback, I will jump right in.
Otherwise... I guess I missed out.
Looking for quite a large rally here, sure there are better plays IMO like First majestic silver, but this is a safer play. And I'm pretty sure if you're Canadian that you will get eligible dividends.
Anyway, the chart speaks for itself.