IMO: Ascending Triangle, not confirmed (59,64%)(24/1000)(24/1000)
Ascending Triangle for IMO (chart on left)
Not confirmed.
Possible 59,64% gains.
This is solidified by the fact the SPN (energy sector, chart on right) is also building into an ascending triangle (not confirmed) with a possible 41,62% gain.
Now for the analysis of IMO:
Pros:
1- Bullish Ascending triangle
3- PPS above 50MA and 200MA
3- R/R ratio above 5
4- 250RSI above 50 and ascending
5- 50MA above 200MA
6- 50MA and 200MA ascending, though 200MA is not ascending by a lot
7- RS above 0 and ascending
8- Golden cross in blue
Cons:
1- Pattern Not confirmed yet. Waiting for the PPS to cross the resistance
2- Limited descending volume during formation
3- ATR descending, less volatile
IMO Target price is 92,67$.
Stay humble, have fun, make money!
MAAX!
IMO trade ideas
IMO - Poised for moveIMO is the best looking oil company chart that I could find. The weekly pattern shows the possibility of a three week test of the low. This support level includes the 40 week moving average and the .326 fib retracement level.
The wave structure suggests that we may be in the fourth wave of an impulse pattern, with wave five to begin soon. Often, wave five moves for commodities are the longest waves.
The trade range spans from 24 to 34. A longer term view shows that this trade range has persisted since 2015.
Beyond 34, the stock had reached as high as 63 and ran into the 50s two other times.
IMO's price correlates very well with the price of CL oil futures. I think that in the equity world, it might be the best choice to trade oil, in the equity market. I'm open to others' suggestions. What other oil stocks are you looking at?
I owned Exxon and Chevron until June when a move to turn Exxon green moved me to liquidate all oil shares. Since then, I have bought some RSX, a Russian market ETF. Seems that under the current administration, oil profits will accrue to Russia, Iran, Venezuela and Saudi Arabia.
Ugly Chart!So this chart is ugly. Lower highs and lower lows, but we are near the 10 year bottom in its price. I think with the peak dollar gearing up for weakening from Fed rate cuts we could see a higher oil price and alternatively a higher IMO stock. Gearing up to open a position of 1.5% to 3% on oversold days.
IMO - Downward channel breakout long, also oil hedge playIMO nicely breaking out downward channel formation. It looking very good as Oil hedge play.
* Trade Criteria *
Date First Found- June 19, 2017
Pattern/Why- Downward channel breakout
Entry Target Criteria- current price
Exit Target Criteria- N/A
Stop Loss Criteria- $28.67
Please check back for Trade updates. (Note: Trade update is little delayed here.)