From 2014 top MRO completed a 1:1 cycle ABC down to 2020 crash low, of which the B wave pierced a fakeout through the 200DMA before returning to the bear market.
And now MRO appears to be completing this X wave formed via a 1.618 primary ABC extension which is has risen all the way up to the previous cycle B wave territory - which is common for X waves as they are of higher degree and so have a larger retracement.
The 1.618 sits in the common reversal area of 0.618 - 0.75. I wouldn't be surprised if it hits the 200 Month MA again however I'm not confident of this as it would mean MRO will be at the common reversal limit around 0.76. It may happen, but I'm not fussed about $1 really as this is a long term trade.
Also worth noting the monthly RSI is exactly where it was at the 2014 top.
I'm expecting a devastating capitulation that through some sort of cycle ABC will take MRO to new lows perhaps around $1 and if duration is equidistant that will occur in 2027.
Not advice.
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As suggested MRO has hit the 200Mma and RSI hasn't been higher since 2007. Will be adding to position next week.
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5% gap down today - could be the start of something.
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For anyone that might be foolish enough to use a chart to make a bearish trade - this long wicked hanging man on the weekly is likely a significant high time frame candle revealing probable incoming distribution π.
Agree 100% id say $20 will top this off and a great name to buy leap puts cheap
ktaba
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@NewYork888 I told you guys this is going up. Hasnβt even started yet! Good luck.
NewYork888
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@ktaba, You understand we were buying these name MRO $4 APA $6 XOM $30 the list goes on - THE PARTY IS OVER - See you when oil drops from $100 to $30 where it belongs we are short all these names with cheap leap puts as of yesterday @dRends35
ktaba
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@NewYork888, hahaha maybe you donβt fully understand what is happening in the macro environment. Iβve held these also since the March lows during the oandemic. It has broken trend and itβs going up. Oil doesnβt need to be $100 or higher for these companies to print money. The sector actually would prefer crude to stay in the mid 70s, there would be no political pressure to bring down prices. Break even for some is low $30 oil. The potential Russian invasion makes it almost certain oil is going to smash past $100 anyway. These are going higher, much higher! Have fun wasting your time and money.
dRends35
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@ktaba, Everyone with no charts always buy the lows and sell the tops. Too funny how you lot so willingly look left and talk breeze. @NewYork888,
ktaba
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@dRends35, This is the easiest trade in history. When a seven year downward trend is broken in crudeβ¦itβs over dude! Literally money managers buy the entire sector indiscriminately and all will 100% go up. Iβve been trading professionally since 2001 and have a CFA, Series 7 and 66. Why donβt you go google that ;) I donβt care what you do with your money. There is a reason why energy was the best sector last year and again this year. It will end the year doubling most energy equities price. Literally the only thing that can remotely slow it down is if the US and Iran figure there shit out. Good luck mate haha
NewYork888
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@ktaba, I looked and didnt see any trades or charts "dude" that you posted. Do you know what we called a CFA at Stamford? "Can't F--- Add" Please come back and post again when these names are all up from here 100% so we can "fully understand" what's happening with your help of course. @dRends35