Equinor (EQNR) | Technically a Great Opporunity!Hi,
Long story short, technically the price of EQNR has started to approach an interesting price level. A lot of criteria are matching and from my point of view, those who have waiting for an opportunity to jump in then you can slowly start building your position. Obviously, after you have done your homework about fundamentals - this, what I share here, is basically pure technical. If you find something interesting from fundamentals as well then you have two green lights from both analyses and you are ready to go!
Criteria inside the marked box, starting from the highest
1. Equal waves from the top
2. Previous yearly highs starting to act as support levels (highs from 2006, 2008, 2014, 2019)
3. Fibo golden ratio 62%
4. 50% drop from the all-time high.
5. The round number 200 NOK
Hopefully, it will work as good as previous Equinor ideas:
1)
2)
Good luck,
Vaido
EQNR trade ideas
EQNR ELLIOTT WAVE ANALYSIS, END OF WAVE CEQNR is in the end of a C wave which will most likely be at the 335 area.
According to the Elliott wave theory, at the end of the C wave, a new move will follow in the bigger trend. First we most likely will hit the 335 area to complete a 5 way move to the level of the end of 4th wave and 1,236 length of A wave)
Then we can expect the first impulsive move towards the 380 area which will be resistance.
Trade carefully.
Equinor (EQNR) Roadmap 2023Equinor is showing clear signs of Elliott Wave structure from it's ATH.
Tracking this as wave 4 still in progress, and will be looking for a correction of this downtrend upon completion of the fifth wave.
All in all, a simple roadmap on what to expect for the rest of the year.
Watchlist 2023-02-09 #EQNR #SONO #GOOG #APPS SPY formed an insider bar and is now gapping to the upper PD high. Likely in the midst of a daily flag forming so not putting too much weigh on the insider bar.
EQNR - earnings miss PD day but lifted up by strength in the sector. Today, posting they have discovered a new oil field. Gapping over the key 31.60 pivot on elevated RVOL, above the monthly range, with a hammer bar. Has room to 33.
SONO - up 2.5 ATRs in PM on earnings beat. Gapping well over the key pivot AND had a wide-range red bar yesterday - many of the sellers are out of this name going in to earing so there is potential to get a quick move to the upside quickly. Other than that, it's over 200 MAA and monthly range. Looking for support at 19.23 200 MA for a retest gap n go.
GOOG - closed down 8% PD on news of their AI platform producing incorrect results in a demo. Bulls may look to buy this dip as we are at a high vol node. However, RVOl PD was 3x. This move could very well be justified and we could see another flush out before attempting a move high. PM is wicking topside. Needs to get above and stay above 100 for a long thesis.
APPS - Digital Turbine plunges as Oppenheimer downgrades after earnings, guidance miss. Gapping down 2.5 ATR to key pivot at 13.40. Below this level is a sell.
Other watches, TRP, APP
I focus on names trading elevate RVOL>2, trading past key ranges and pivots, typically with news catalysts
EQNR | Excellent Entry Point | LONGEquinor ASA, an energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products, and other forms of energy in Norway and internationally. It operates through Exploration & Production Norway; Exploration & Production International; Exploration & Production USA; Marketing, Midstream & Processing; Renewables; and Other segments. The company also transports, processes, manufactures, markets, and trades in oil and gas commodities, such as crude and condensate products, gas liquids, natural gas, and liquefied natural gas; markets and trades in electricity and emission rights; operates refineries, terminals and processing, and power plants; and develops low carbon solutions for oil and gas. In addition, it develops wind, and carbon capture and storage projects, as well as offers other renewable energy. As of December 31, 2021, the company had proved oil and gas reserves of 5,356 million barrels of oil equivalent. Equinor ASA has collaboration agreements with Vargronn; and RWE Renewables and Hydro REIN. The company was formerly known as Statoil ASA and changed its name to Equinor ASA in May 2018. Equinor ASA was incorporated in 1972 and is headquartered in Stavanger, Norway.
AnalysisAs you see on the chart we are in a downtrend so we will have a big probability of downtrend continuty after the breakout with force the support line by a big red candle with a large red volume. But, in other hand we could have a reversal trend (uptrend) after the breakout with force the vwap indicator and the resistance line by a big green candle with a large green volume. Thanks.
$EQNR is breaking out of its base with a Pocket Pivot!Notes:
* Very strong up trend on all time frames
* Good earnings in the recent quarters
* Created a double bottom base for ~5 months and is now breaking out with higher than average volume
* Not much else to say... it's a great looking chart ;)
Technicals:
Sector: Energy - Oil & Gas Integrated
Relative Strength vs. Sector: 6.09
Relative Strength vs. SP500: 1.64
U/D Ratio: 1.17
Base Depth: 22.23%
Distance from breakout buy point: 0.44%
Volume 31.67% above its 15 day avg.
Trade Idea:
* You can get in now (at $38.44) as the price is just breaking out
* If you want a better entry you can look for one around the 37.7 area if it comes back down
* Right now it does seem to be gaping up so I wouldn't chase the price... Lets see how it behaves after the gap up and offers another entry
* This stock usually has local tops when the price closes around 15.28% above its 50 EMA
* Consider selling into strength if the price closes 15.08% to 15.48% (or higher) above its 50 EMA
* The last closing price is 7.64% away from its 50 EMA
$EQNR moving up on the right side of its base!Notes:
* Strong up trend
* Good earnings in the recent quarters
* Pays out a nice dividend
* Created a double bottom and is now moving up on the right side of its base
* Recently bounced off of its 50 day line
Technicals:
Sector: Energy - Oil & Gas Integrated
Relative Strength vs. Sector: 5.8
Relative Strength vs. SP500: 3.16
U/D Ratio: 1.16
Base Depth: 22.21%
Distance from breakout buy point: -3.9%
Volume 13.32% above its 15 day avg.
Trade Idea:
* You can enter now as the price and volume are indicating bullish momentum
* If you're looking for a better entry you can look for one around the $36.55 area
* This stock usually has local tops when the price closes around 15.28% above its 50 EMA
* Consider selling into strength if the price closes 15.08% to 15.48% (or higher) above its 50 EMA
* The last closing price is 7.24% away from its 50 EMA
$EQNR coming up on the right side of its base!Notes:
* Strong up trend since 2020 on all time frames
* Good earnings in the recent quarters
* Pays dividends
* Basing for the past ~5 months
* Showing signs of coming up as the Energy sector shows strength
* Came back above its 50 day line with higher than average volume
* Lots of accumulation recently
* Also printed a Pocket Pivot indicating institutional demand
Technicals:
Sector: Energy - Oil & Gas Integrated
Relative Strength vs. Sector: 11.83
Relative Strength vs. SP500: 1.85
U/D Ratio: 1.15
Base Depth: 22.21%
Distance from breakout buy point: -8.12%
Volume 1.69% above its 15 day avg.
Trade Idea:
* You can enter now as the price is coming back up above its 50 day line
* If you're looking for a better entry you can look for one around 34.50
* This stock usually has local tops when the price closes around 15.28% above its 50 EMA
* Consider selling into strength if the price closes 15.08% to 15.48% (or higher) above its 50 EMA
* The last closing price is 3.34% away from its 50 EMA