OXY- A Bullish Trade in an overall Bearish Trend
Updated
As oil dumped pre market today, I decided to check out OXY
I drew the trend lines and I was happy to see a nice demand zone that was in play for a buy.
I placed orders in premarket for $12.15, $12.15, $12.11, $12.10, and $11.97 (all filled)
I am seeing this as a bullish trade in the short term just following its journey up to resistance.
The big picture bearish pattern is a rising wedge that may morph into a larger bearish
I will exit this trade if my cost basis starts to be of question
Good luck traders!
I drew the trend lines and I was happy to see a nice demand zone that was in play for a buy.
I placed orders in premarket for $12.15, $12.15, $12.11, $12.10, and $11.97 (all filled)
I am seeing this as a bullish trade in the short term just following its journey up to resistance.
The big picture bearish pattern is a rising wedge that may morph into a larger bearish
I will exit this trade if my cost basis starts to be of question
Good luck traders!
Note
New buy zone...
Google "diamond bottom reversal, charts"
Note
Progress
Trade closed manually
CLOSED TRADE- Too many inconsistencies and not worth the stress with negative factors at play. I don't like the look of a possible head & shoulders on the daily and room for more downside when looking at the oscillators. There is also some divergence there. I have been going back and forth with myself analyzing the chart and just can't find the conviction to stay in the trade.
Best of luck all!
Note
Almost forgot- Another reason for closing was the spike in after hours trading that consisted of a massive amount of distribution on the sell side. NO THANK YOU
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