Nice Technical Bounce (could be a long term bottom today)WCP had a nice bounce today off the lows on pretty good volume. Indictors are showing that the selling is abating and the buyers should start to take over. Would like to see the stock CLOSE above the downtrend line that has been in place since early early Oct (about 8 weeks of hell). It is very close to crossing above that trendline which will give further momentum to the stock price.
Lot of positive fundamentals for oil the last couple weeks, that are not reflected in the stocks.
It's possible today was the low in the next bull market cycle. I need to see a few more days to confirm. But for sure the bottom will be in within the next 7-10 trading days - if not today. IMO.
I felt comfortable enough to double down this afternoon. Good luck all.