REI BUY Swing Trading-W1 oblique resistance broken
-W1 double bottom
-W1 RSI divergence and neutrality zone broken
-BIG volumes
Wait an H4 retracement before buying in order to have a good timing, you can buy it at all Fibbonacci retracement levels.
But i personally prefer to buy it in the 68.1% retracement in order to have a good risk ratio reward ratio.
Weekly chart :
REI trade ideas
$REI, should hold the trend past $1.20REI has kept strong on its support line and looks to be in a long bullish trend. Yesterdays volume is larger than that of the last breakout, the momentum looks to be bouncing off its support as well, we think today's down candle is a temporary dip and are going LONG.
$REI trending to top of channel Ring Energy, Inc. is an oil and gas exploration company which engages in oil and natural gas acquisition, exploration, development and production activities. The firm's areas of operation situated in the Permian Basin; the Central Basin Platform and the Delaware Basin. The company was founded by Lloyd T. Rochford and Stanley M. McCabe on July 30, 2004 and is headquartered in Midland, TX.
Ring Energy Trade SetupRing Energy, Inc. is an oil and gas exploration company which engages in oil and natural gas acquisition, exploration, development and production activities. The firm's areas of operation situated in the Permian Basin; the Central Basin Platform and the Delaware Basin. The company was founded by Lloyd T. Rochford and Stanley M. McCabe on July 30, 2004 and is headquartered in Midland, TX.
Bullish on REI ?end of classic 3,3,5 correction$3.28 is at the 0.618 mark of wave 1 length for wave 5, next area of support is in the $1.20s... RSI already been in oversold for awhile with possible bullish formation of bullish divergence (higher low on RSI with lower lower in price). Morning star forming on weekly chart (wait for Friday close), hammer on daily on 6/19. Strong rating on E trade with "strong buy" rating from reuters. Current geopolitical climate with fossil fuels potentially favorable for an American exploration company?
Simple Trading Techniques – Bullish Strategy
Go long the REI if it trades at 5.61 or higher. If triggered, place your stop at 4.57 and exit the position for a profit at 6.54 or at your own discretion. (Signals are valid for today only. Always invest wisely).
Learn the rules of a strategy at: www.udemy.com