RE:RE:@IndianSparrowThere are several O&G stocks displaying that same pattern , I think the wildcard here is the price of WTI . If oil moves back toward $110/b that could be the catalyst to break the trend line . All of these companies will post massive numbers by month end so one way or another , the short play is running out of time . Tomorrow and Monday for the sector will be interesting .
Snowballer wrote: $6.26 would hit its head on the 100DMA and still be within the channel I think (or just poke above) so could see a little more upside before returning to a downtrend. But while it may reverse and the bottom missed, until that MACD on the daily crosses up I don't think there is too much of a rush to get in. If the trend shifts upward $6.50 is still cheap.
Snowballer wrote: I would say however if I were just looking at BTE, CJ, MEG etc. and nothing else they all bounced off the 200DMA with one green candle close above yesterday's red candle with a long tail (hammer) ... would normally have taken a position to be honest. But WCP remains under the 200DMA so if it jumps back over tomorrow as well as WTI jumping back above its trendline I would look at taking a trade.