Another interesting signal from the oil sector was generated yesterday by our directorscope AI system.
With a risk / reward ratio of 5.3 over the medium term, this could be a good trade.
Elliott Wave Analysis: The stock could be inside a wave 3. And within the wave in an intermediate correction. With current impulses from the oil price, the interim correction could now be over.
RSI shows at this points divergence behavior, which is bullish in short term as well. Stochastic indicator shows neutral levels.
We set a small position (0.5% of the portfolio value) with a very tight stop.
Keep in mind, this stock is highly depending on oil prices.
With a risk / reward ratio of 5.3 over the medium term, this could be a good trade.
Elliott Wave Analysis: The stock could be inside a wave 3. And within the wave in an intermediate correction. With current impulses from the oil price, the interim correction could now be over.
RSI shows at this points divergence behavior, which is bullish in short term as well. Stochastic indicator shows neutral levels.
We set a small position (0.5% of the portfolio value) with a very tight stop.
Keep in mind, this stock is highly depending on oil prices.