CTRA Multiple Harmonics: Butterfly and Bat
Coterra Energy Inc. is a diversified energy company, which engages in the exploration, development, and production of oil and natural gas properties. Its portfolio includes projects in the Permian Basin, the Marcellus Shale, and the Anadarko Basin.
In this idea, there is a deep-crab in the right shoulder of the pattern that centers around the potential reversal price of a butterfly pattern in the main pattern. There's also the potential for a bat pattern to play out with the butterfly ratio falling within the potential reversal zone of the bat pattern. Therefore, it was more difficult to key out a level here but I like this stock for it's strength and would purchase at all these key levels.
CTRA has a strong quantitative score around 7 - 8 with analyst ratings of strong buy and hold. The dividend is awesome at 2.49 per share/year (I'd expect to hold this position for about a year). The ideas here is to buy CTRA long from the potential reversal zone, starting at 20.43, and hold until take profits. I think, price will reverse right around 18.55 price point but it could go lower. It's possible that it will dip it's toe into the reversal zone and bounce multiple times. I would sell half at 0.382 retracement and the other half at 0.618 retracement. Dividends pay 13.4% from our expected reversal price point of 18.55. Gains are approximately 30.8% - 56.2% at take profit targets. Cumulatively, adding dividend to gains, that's approximately 44.2% - 69.6%. Averaging those totals gives us approximately a 57% gain on this trade.
Good luck and trade safely!
In this idea, there is a deep-crab in the right shoulder of the pattern that centers around the potential reversal price of a butterfly pattern in the main pattern. There's also the potential for a bat pattern to play out with the butterfly ratio falling within the potential reversal zone of the bat pattern. Therefore, it was more difficult to key out a level here but I like this stock for it's strength and would purchase at all these key levels.
CTRA has a strong quantitative score around 7 - 8 with analyst ratings of strong buy and hold. The dividend is awesome at 2.49 per share/year (I'd expect to hold this position for about a year). The ideas here is to buy CTRA long from the potential reversal zone, starting at 20.43, and hold until take profits. I think, price will reverse right around 18.55 price point but it could go lower. It's possible that it will dip it's toe into the reversal zone and bounce multiple times. I would sell half at 0.382 retracement and the other half at 0.618 retracement. Dividends pay 13.4% from our expected reversal price point of 18.55. Gains are approximately 30.8% - 56.2% at take profit targets. Cumulatively, adding dividend to gains, that's approximately 44.2% - 69.6%. Averaging those totals gives us approximately a 57% gain on this trade.
Good luck and trade safely!
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