BNO - Wave 3 of 3 = Big Upside PotentialBNO appears poised to break out to the upside. A breakthrough of the recent high just under 33.50 may indicate the beginning of a wave 3. Also appears to be wave 3 of a higher degree. The fibs show significant profit potential. I am placing a buy stop at 33.50.
BNO trade ideas
BNO: bull flag pattern?Might the price action start to break up out of the bull flag pattern?
A price action above 28.95 supports a bullish trend direction.
Crossing below this level will negate the bullish trend.
Consolidation price range between 29.40 to 30.25.
Crossing above 30.25 might target 31.55.
Crossing below 29.40 might be the first sign of pending wakness.
BNO , LONG , 2nd attemptArguably I missed an entry on the 2nd for this after getting stopped but it was actually intentionally done as I felt to uncertain as to the effect that the Fed rate change would have on this and wanted more evidence . Now I have it and I think it is a reasonable time to try again here .
I decided that since my stop is far on this one, I would shoot for 1.5R initial pt vs 2R. I plan to sell 1/3 and raise stop below entry candle there, should trade work ..
Stop - 30.36
PT - 33.73
BNO , LONGLong on BNO yesterday .
Range contraction looks good , volume contraction and that pop , consecutive green bars ...
Entry - 30.75
Stop - 29.7
PT - 32.85
* Entered just before yesterdays close . Additional Risk is the FOMC meeting coming up next week , that will probably bring volatility to the markets , gap risk ect ect.
BNO - Brent Crude Oil BreakoutAfter making a Head and Shoulders bottom price has now formed a horizontal flag. Volatility has reached new lows as price has coiled into a squeeze at the key level of 15.85.
I'm anticipating a resolution to the long side from the squeeze with the major trend.
Immediate target @ 19.56 and LongTerm target of the 2015 highs @ 24.23