Taking a look at this down trending stock we can see that each lower low becomes less and less with the macd histogram becoming progressively smaller.
If we take a look at the RSI it is bullishly diverging a lot as notes by the higher lows on the rsi and the lower lows on the price action.
If we take a look at the pattern that it is forming it seems to be a falling wedge so a break out may be soon, especially if a some good new for oil comes to mind.
Moreover Warren buffet purchased shares of this company at a much higher price, so while I lack in my ability for fundamental analysis, I think that buying a shares cheaper than Berkshire Hathaway, who are expert investors would be a be plus as well.
If we take a look at the RSI it is bullishly diverging a lot as notes by the higher lows on the rsi and the lower lows on the price action.
If we take a look at the pattern that it is forming it seems to be a falling wedge so a break out may be soon, especially if a some good new for oil comes to mind.
Moreover Warren buffet purchased shares of this company at a much higher price, so while I lack in my ability for fundamental analysis, I think that buying a shares cheaper than Berkshire Hathaway, who are expert investors would be a be plus as well.
Note
[img]seemed to have broken out and it is not showing much sign of weakness. IT seems to be creating an impulse wave on the hourly so we may be able catch it on a pullback before the third impulse wave starts.
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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.