This pattern can indicate a pullback and in some cases a reversal.
There are rising wedges below price on hourly and daily that have not been broken so these patterns are not valid.
One of the wedges can take this below 112 but it is not valid at this time.
Most oil stocks are well above rising wedges in their charts but oil moves together as a rule so even those who have no wedges, like DVN, will fall when this group falls.
Who knows? Not me.
No recommendation
There are rising wedges below price on hourly and daily that have not been broken so these patterns are not valid.
One of the wedges can take this below 112 but it is not valid at this time.
Most oil stocks are well above rising wedges in their charts but oil moves together as a rule so even those who have no wedges, like DVN, will fall when this group falls.
Who knows? Not me.
No recommendation
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.