Veren Inc T.VRN

TECHNICAL INSITE. GLTALongs.....

[Mrlongpants]

Megaphone Bottom Daily 2023 Jun 07

 

 

Intermediate-Term Bullish

Volume	4,663,976
Close Price	9.38
Target Price	10.15 - 10.35
Pattern Duration	19 days
Inbound Trend Duration	14 days

Tells Me: The recent broadening action tells us that trading has been out of control, but a breakout on the upside suggests we're starting a more decisive uptrend.

With its broadening price swings, the Megaphone represents a market that's unstable and out of control. It typically consists of two successively higher highs between three lower lows, and the reversal signal occurs when the price breaks up above the second peak (the highest high) as a sign of a more decisive bullish move.

[Moemoney42]

And all the sudden a big downdraft in crude.. hmm.. WTF kind of bogus story line/headline is behind that move.!

[Seppelt]

The story was that the Biden Administration resumed talks with Iran. Oil plunged about $3.50 below $70 then quickly recovered above $70. No event, I think, but day-traders love it.