Hold out for ASC to pull back
I've been interested in ASC since I opened my positions in Teekay Tankers (TNK) and Frontline Ltd. (FRO). The macro background is very positive for this sector based (e.g. transporting petroleum products). However, this price action has gone parabolic. Looking at the monthly chart it's a straightline up. It's in monthly and weekly exhaustion. Weekly volume is tapering off. Add to this macro headwinds with China lockdowns/protests. This might an opportunity for people who have been on the sidelines to open positions. I'll be watching for 38.2% or 50% as these also align with 2019 swing test and right before large volume profile nodes.
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