NRGU looks good at 61.8 retrace and pitchfork supportPretty simple setup. we had a nice neat pullback to the full 61.8 and we're on a trendline. I'm long NRGU. Oil has been going up, likely to be interest in oil companies.
NRGU trade ideas
NRGU Oil TRENDS AND PRICE TARGETS900 is run up numbers on a trend breakout, but it will see resistance at 730.
Everything is marked. This is a longer term chart.
notice 630, 560 and 460
Those rejection trends are leading right towards those higher numbers.
gl
-n
NRGU - Trying to BottomBecause yellow iv slipped below wave i, it would appear that we are now on the aqua colored count. Interestingly, both counts get to the same points, they just have different names. Instead of a yellow 1 for instance, it will now be an aqua circle A. Hopefully, we've now bottomed and we can start climbing to these points, regardless of how they're labeled.
NRGU - was it a 3rd Wave or a 3 wave 1st WaveHit the yellow 3 a bit early, giving reason to think we might be on the aqua colored count. We'll know that it drops below 480 ish. If it pivots on the yellow 4, we can expect it to stay on yellow count.
Love 3rd WavesMoving into the 5th of III with momentum after a very shallow wave 4. Moving with purpose and it looks like a great candidate for an extended 5th wave (as shown). If it does extend, I see it reaching 566. If it doesn't extend, I see a high in the range 540 to 550.
bullish NRGU (OIL) based on pitchfork analysisNRGU reached support pitchfork lines both on daily and weekly and is likely to bounce up.
NRGU Is she ready to start back up again?We might as well have all the bad new at once. So tomorrow we will see what opec is going to do on output levels. After that is there anything else left? Fear gauge at 22 and that's extreme, but I have seen it at 2 and 3 levels. So, check this out just an idea I had.
Correction coming soon for NRGU 3x leveraged ETNNRGU not yet topping out but it will be soon.
After reaching target price300, it may retrace
FIBO 38% or 50% to its strong support around 260 or 220 (See GANN Fan line).
I may be wrong coz of demand & supply
tailwind... vast demand & supply problems.
Pls make own analysis.
NRGU in uptrendMay dip in the remainder of Jan and Feb as oil/energy tends to do historically. Black lines are swing targets. Expecting it to hit $150 this year, probably by the end of summer.
NRGU - Big Oil Index X3 Leverage ETN All,
I traded this from $1.50 to $3.00. So if you don't trade ETFs or ETNs then I would not suggest buying these. These are EXTREMELY sensitive to the market. It will swing fast and hard and you have to have market stop losses. With news of re opening and it being O&G personally I can see it going up.
Economy - Oil and Gas: Reopening = bullish (fast)
Economy - Oil and Gas: Negative or bad oil news = bearish (fast)
