Oxy is THE setup of the decade.
Atualizado
I do not think it is too late to reap the rewards, And I do not think there will be better opportunities to enter ever again. I believe oil is starting its third wave.
Bullish engulfing candle on the weekly here, and also on USOIL.
Long term support held, and failed to break down. There will be consequences for bears.
I think it is important to own an oil company with most of its exposure in the USA. This is the only land that cannot be negatively influenced by geo-political risk.
Other oil bulls appear to include - Warren Buffet, and Rick Rule.
I have included a fractal, they rarely play out exactly, but they serve as a rough guide to future expected price action.
My cost basis for this stock is 57.15, but i will be re-investing dividends over time.
Bullish engulfing candle on the weekly here, and also on USOIL.
Long term support held, and failed to break down. There will be consequences for bears.
I think it is important to own an oil company with most of its exposure in the USA. This is the only land that cannot be negatively influenced by geo-political risk.
Other oil bulls appear to include - Warren Buffet, and Rick Rule.
I have included a fractal, they rarely play out exactly, but they serve as a rough guide to future expected price action.
My cost basis for this stock is 57.15, but i will be re-investing dividends over time.
Nota
Oil was a beauty, and ill attach this here to show the completed shark harmonic pattern, with a type one then type 2 return on the 200 week moving average.There were bullish divergences showing in the MACD and RSI.
Now we have a weekly Bullish Engulfing Candle on oil.
End target (multi year target) of 380 per barrel.
Nota
I have added more to this position. Every chart I look at where I compare OIL vs another commodity, or oil vs an economic indicator such as gdp, and many others, it just looks so low. I love to buy low.
the chart of the oil companies is misleading in my opinion, because it looks as if youre buying high after such a large increase since 2020 lows.
However, investors in this space have been at a loss or break even over a decade.
Thats pain.
I Like to buy pain.
Aside from technicals i do believe sentiment is a massive part of my decision making.
Additionally, im not much of a macro guy, but there are a number of geo-political situations which could ignite this.
If oil supply is currently balanced, all it takes is a few large speculators to start sending this higher, even if it is artificial demand.
Nota
Oxy Breaking out.Nota
Oxy is back testing the breakout. Needs to hold.I think it will.
J pow gonna douse the inflation fire again while refusing to raise interest rates to 15% where they should be.
Aviso legal
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