STOPPED OUT. OH WELL. NICE GAINS WE'LL SEE HOW IT LOOKS LATER.
BACK TESTING RECENT RESISTANCE WE BROKE THRU YESTERDAY. ALWAYS LOOK LEFT RIGHT ?
IF WE BREAK RESISTANCE. IS THIS THE MEASURED MOVE WE CAN EXPECT ? OR DOES IT DROP SOME AND GIVE US A CUP AND HANDLE ? LET'S SEE
No no no say so! Im ready to be full on bull but itll be later next month or 2. Need a month green bar then its good to go. Look for the big boys to funnel prices down and up for a while do not get fooled yet! But dont miss out and wish you would have bought some gas instead of farting it out and having to smell that pain while watching tv!
A few symbols combined. Ready to pop up soon?
Price inside the channel may touching the channel bottom ...
Remember to leave a like if you enjoy my content! Remember to watch the oil price, because NAT has shown to go the opposite price of the oil. RSI shows oversold + strong support line at 4.92. If the price breaks the trendline, it could rally up to 5.35 or even 5.55 Remember to watch out, if the support is broken, the stock could go really low. Risk/Reward...
I'm bullish on this stock after investors dumped 40% of the stock! Anything above the yellow resistance line i'm bullish (right around 5.92-6.00) Good Luck!
Lots of extra oil, need a place to store it = NAT long
NAT was a breakout candidate we posted early last week. That breakout happened ($5 was the trigger). A close today under $7.50 would be a rejection as key resistance. But $10 is plausible. Remember, this is about demand for new storage of cheap oil as Tank Tops sets in in WTI Crude. If June contract goes negative in coming weeks, the tanker squeeze rally...
Fundamental Analysis: Overall shipping stocks are bullish, with gas prices so low and people ordering like crazy off their government checks. It definitely will be my next move in terms of hedging against this Covid crisis. I'm not putting any price targets because the situation is very dynamic and I will most likely take profits depending on how this plays...
Why even bother with trying to time this? Even if it bounces, it could drop. Even if it drops it could bounce. Might as well wait until it gets down back to the trendline, or down to even more ridiculous lows, or something else shows up on the chart. Better off just buying NAT or other tankers, storage, etc. which will go up either way.
Nordic American Tankers gap up and holding jus above the support
NAT shares are set to confront critical $5/share resistance as the stock pops on the need to move oil out of Cushing with nowhere to put it. Major firms are now looking for this to repeat at June WTI contract expirations.