HUGE REWARD POTENTIAL ON TULLOW OIL STOCKIf you take a look at this daily chart of TULLOW OIL, you can clearly see some big potential for a move higher.
I personally entered as shown on the chart because my analysis is showing a beautiful lowrisk setup, its a very tight stop, you might aswell give it a little bit more of breathing room, but the reward is very tasty.
I think if OIL prices start to go higher, we will also see a decent rally on this stock.
Please use wise money management.
All the best and blessings to you all.
TUWOY trade ideas
Tullow Oil LongNot much in this analysis.
Recent bullish trend in Tullow Oil has retraced to the 50% fib and made a fairly significant move away.
Could be a decent trade as this level seems to be springboarding price to the highs around the 260-290 area.
may be worth dropping down to a lower time frame to hunt entries
Tullow oil – Is it forming head and shoulder?Tullow oil shares have had a five-day winning streak on the back of rally in oil prices. Shares are trading moderately lower today in line with the weakness in oil prices.
Oversupply concerns have raised their ugly head off late and may cap the corrective rally in oil prices if today’s US government data shows gasoline inventory buildup.
On the daily chart of Tullow Oil, we see a bearish crossover between 50-DMA and 100-DMA. Both money flow index and MACD remain in support of further gains, however, look closely…prices are currently trading around mid-March 2016 highs around 227 levels.
In case, prices fail around 227 levels, we could end up with a head and shoulder formation with neckline support at around 180 levels.