OXY- A Bullish Trade in an overall Bearish Trend

2020年4月20日

As oil dumped pre market today, I decided to check out OXY

I drew the trend lines and I was happy to see a nice demand zone that was in play for a buy.

I placed orders in premarket for $12.15, $12.15, $12.11, $12.10, and $11.97 (all filled)

I am seeing this as a bullish trade in the short term just following its journey up to resistance.

The big picture bearish pattern is a rising wedge that may morph into a larger bearish

I will exit this trade if my cost basis starts to be of question

Good luck traders!

2020年4月20日

ノート

New buy zone...
Google "diamond bottom reversal, charts"

2020年4月20日

ノート

Progress

2020年4月20日

手動でトレードを終了しました

CLOSED TRADE- Too many inconsistencies and not worth the stress with negative factors at play. I don't like the look of a possible head & shoulders on the daily and room for more downside when looking at the oscillators. There is also some divergence there. I have been going back and forth with myself analyzing the chart and just can't find the conviction to stay in the trade.

Best of luck all!

2020年4月20日

ノート

Almost forgot- Another reason for closing was the spike in after hours trading that consisted of a massive amount of distribution on the sell side. NO THANK YOU