Long
WLL short term LONG
Resting on local trend support
At 0.236 fib retracement
MACD squeeze
Could be forming a double bottom
Ideal entry as of August 12, 2020: $0.93
Expected Resistance/ Scale Out: $1.03, $1.12, $1.33, $1.50
Stop Loss: $0.90
What is WLL?
WLL is a top crude oil producer in North Dakota with assets in Northern Colorado
Why am I interested in this trade fundamentals?
The oil sector just took a massive correction in march this year with oil futures prices entering the negatives. With prices this low, there is a high probability that oil prices should continue in its recently established uptrend. Furthermore, WLL has recently exited chapter 11 showing some promise for growth. Lastly with the school year starting soon and students going back to school this will result in an increased oil consumption.
This pandemic won't last forever, oil will go back up
Alerts:
0.90, 0.93, 1.00, 1.10, 1.40, 1.50, 2
Concerns:
Its a penny stock anything can happen,
Even though it is at all time low, the market is incredibly unpredictable right now.
Financials are kind of shit at the moment
At 0.236 fib retracement
MACD squeeze
Could be forming a double bottom
Ideal entry as of August 12, 2020: $0.93
Expected Resistance/ Scale Out: $1.03, $1.12, $1.33, $1.50
Stop Loss: $0.90
What is WLL?
WLL is a top crude oil producer in North Dakota with assets in Northern Colorado
Why am I interested in this trade fundamentals?
The oil sector just took a massive correction in march this year with oil futures prices entering the negatives. With prices this low, there is a high probability that oil prices should continue in its recently established uptrend. Furthermore, WLL has recently exited chapter 11 showing some promise for growth. Lastly with the school year starting soon and students going back to school this will result in an increased oil consumption.
This pandemic won't last forever, oil will go back up
Alerts:
0.90, 0.93, 1.00, 1.10, 1.40, 1.50, 2
Concerns:
Its a penny stock anything can happen,
Even though it is at all time low, the market is incredibly unpredictable right now.
Financials are kind of shit at the moment
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