QEP was one of several long-side trade ideas mentioned on Jan 13th. The horizontal resistance levels on this daily chart are possible longer-term swing targets, should oil prices reverse trend soon. However, the official near-term bounce target is currently the 22.50-22.85 resistance zone (see 2-hour chart). QEP has been consolidating between the 20.50 & 18.30ish range. A break above the top of the trading range will likely propel QEP towards the resistance zone at 22.50-22.85, about 11-13% above current levels. Also note that QEP recently […continue reading]
Active Trades are trade ideas that were previously posted as Trade Setups and have since triggered an entry or occasionally, a trade idea that was first posted directly to the active trades category as offering an objective entry at the time of the initial post. Active Trades might also be listed in one or more of the other trade categories as these categories are not necessarily mutually exclusive. E.g.- An Active Trade that still offers an objective entry might also be categorized under the Trade Setups category. Likewise, an Active Trade with multiple prices targets may have already hit one or more of those initial targets with additional target(s) remaining, thereby falling under both the Active Trades and Completed Categories. Traders should look to make any new entries or add to existing Active Trades objectively, such as a on pullback to a support level during an uptrend or a re-test of a broken trend-line, wedge, or channel pattern.
NOV (National Oilwell Varco Inc) was one of the energy sector bounce candidates from Jan 13th and looks even better today after clearing this minor horizontal resistance level. T1 & T2 are the current bounce targets with additional targets to be added depending on how crude trades going forward. With today’s breakout, NOV offers an objective add-on or new long entry. Consider a stop calculated on an R/R of 3:1 or better depending on your average entry price. Current & potential price targets are listed […continue reading]
With the $USD trading down today & still expecting a nice bounce in oil, RIG (Transocean Ltd) looks poised to break out above the aforementioned 60-min bullish falling wedge pattern anytime now, providing the next objective entry or add-on to the existing long trade. RIG was one of several long trade ideas mentioned back on January 13th, all of which continued to look poised for at least a nice counter-trend bounce.
SFY (Swift Energy Co.) was mentioned yesterday as one of several bounce/potential long-term swing trade candidates in the Peak Oil vs. Oil Glut post. As with most of those trade ideas (additional charts/notes on the remainder to follow tomorrow), SFY is in the process of forming some potentially strong bullish divergences on the daily time frame. As crude prices have yet to show any convincing signs of a bottom on the daily or weekly time frames (although bullish price action was pointed out on the […continue reading]
RIG (Transocean Ltd) was one of several bounce/potential longer-term trade candidates mentioned yesterday in the “Peak Oil vs. Oil Glut” post. The next objective entry will come on a break above the wedge AND the 16.10 level (horizontal resistance) with the first two resistance levels shown on the 60 minute chart below as the near-term bounce targets. Keep in mind those are the actual resistance levels unadjusted for optimal exits as most trade ideas posted here are. Best to set sell limit orders slightly below […continue reading]