STNG/N trade ideas
Short it Good!I think we are in the wave 4 retracement, for a downward impulsive wave.
Wave 2 retrace to between 0.23 and 0.38 fib levels, so I hink were gonna go to 0.618 fib level in wave 4, which we have ust saw and bounced from. I think theres gonna be one move wave down.
Short market price 2.69
stop loss 2.79
take profit at 1.39 (below 2.6 because wave 3 went to below 1.6)
Long STNG - Buy on Dips, target buys under $5Undervalued
Low oil prices are actually a benefit to business, as long as strong global demand continues
correlated too to daily swings of oil prices, use as buying opportunity
Mgmt is confident that dividend is stable
LONG LONG LONG
STNG - Long IdeaFundamentals: STNG is a crude product tanker operating mostly on spot rates. Demand for crude products remains resilient in the ST due to strong refinery activity coupled with a slowing growth of shipping tanker supply moving into 2017.
Technically, stock looks ready to breakout to low 7's as per the chart. Movement supported by many key levels.
We only trade on high probability trades and have entered into a long with a 2.5:1 risk-reward ratio.
