Panjang
Rising Wedge Break Out Moment
Good Morning~
CDEV is looking very strong on a steadily rising Oil WTI and sustained oil prices over $90 USD and macroeconomic tailwinds (Ukraine War, possible sanctions of Russian oil and continued underinvestment in the O&G space as well as capital discipline from the U.S. shale patch).
I've outlined a likely scenario in the upcoming days.
Technical indicators: RSI and MacD still have a little room to run and we're getting toppy if you look at the bollinger bands. That said, if you rewind back to 1 year ago, CDEV had an incredible run in Q1 that defied traditional technical analysis and I'm expecting something similar.
We have long-term resistance (red line) which CDEV will be looking to break out of this week and I predict there will be a second sell-off in the 9s (back down to the blue support line) before another strong bounce and finally breaking out of this ascending wedge for good to establish a new long-term trading range.
Happy hunting!
CDEV is looking very strong on a steadily rising Oil WTI and sustained oil prices over $90 USD and macroeconomic tailwinds (Ukraine War, possible sanctions of Russian oil and continued underinvestment in the O&G space as well as capital discipline from the U.S. shale patch).
I've outlined a likely scenario in the upcoming days.
Technical indicators: RSI and MacD still have a little room to run and we're getting toppy if you look at the bollinger bands. That said, if you rewind back to 1 year ago, CDEV had an incredible run in Q1 that defied traditional technical analysis and I'm expecting something similar.
We have long-term resistance (red line) which CDEV will be looking to break out of this week and I predict there will be a second sell-off in the 9s (back down to the blue support line) before another strong bounce and finally breaking out of this ascending wedge for good to establish a new long-term trading range.
Happy hunting!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.