OXY.  small coil on 5

    Posted by watcdy on 14th of Sep 2022 at 11:15 am

    OXY.  small coil on 5 & 15 min

    OXY -  anyone else seeing

    Posted by DigiNomad on 14th of Sep 2022 at 01:40 pm

    OXY -  anyone else seeing a potential trap setting up with an ABC / double top move finishing up here?  Kind of seeing the same thing in a lot of energy names...but wave theory is not my strength. Seems like the higher probability trades in this sector right now would be shorting with a stop just above the prior high (violating it would at least take out the double top theory).

    That said, the energy sector as a whole has the lowest valuation of any sector and the best future earnings profile. If we weren't living in an ESG tainted world, it would rightly be on fire. 

    OXY / XLE - trap

    Posted by DigiNomad on 15th of Sep 2022 at 10:29 am

    OXY / XLE - trap I was eyeing yesterday seems to be playing out today. Some names in the sector trying to hold on (APA just barely red).


    "Trap" was simply the completion of an ABC correction on many charts / timeframes  after a 5 wave move down (that's what my eyes see...without much EWT background). 

    I tried XLE OXY puts

    Posted by arun on 15th of Sep 2022 at 01:45 pm

    I tried XLE OXY puts many times. When you have a big buyer (Buffett) out there looking to possible taking this private, its very hard to bet against OXY.

    CRK is at least one

    Posted by mastermind on 14th of Sep 2022 at 02:59 pm

    CRK is at least one that has broken out above its double top today. 

    I don't know about shorting.

    Posted by EdZ on 14th of Sep 2022 at 02:51 pm

    I don't know about shorting.   Lots of support at 50dma and 61.8 % Fib and still oversold.   Still could breakout. Sector also looks a little bullish.

    It worries me that it's

    Posted by DigiNomad on 14th of Sep 2022 at 02:55 pm

    It worries me that it's such a crowded trade. Also, seeing some MACD divergence on 30 & 15 min time-frames. But yeah, OXY and the rest of the sector are VERY tempting. 

    So far, so good...

    Posted by DigiNomad on 14th of Sep 2022 at 01:59 pm

    So far, so good...

    Thanks, Digi. I had a

    Posted by mdgfain on 14th of Sep 2022 at 02:36 pm

    Thanks, Digi. I had a LOT of energy stocks and options. Trimmed and trailed. 

    No problem. I'm out OXY

    Posted by DigiNomad on 14th of Sep 2022 at 02:48 pm

    No problem. I'm out OXY already after Demark 9 on 3 min time-frame. Rare single stock day trade. It looks like it just completed an ABC on 3 min and setting up short again...but not as low risk as that initial trade was.

    For the medium term, I don't short names when I can make a solid fundamental / valuation case...which applies to most energy sector names.

    At this point, I'm wondering how far price can drop for a cup and handle to still be valid (OXY & XLE)

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