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Quick buy update ....
Read MoreAfter any extreme sell off takes place and people finish discussing all the reasons why there can be no recovery, it's often a good time to go shopping. Why? When it gets overdone, the bargains can be great %-Wise. Recently while OIL & NATGAS sold off beyond expectations , I noticed that the equities stopped selling off and began building constructive bases. Temporary bottoms or permanent? Its too early to say for sure , but trade-able? Most certainly.
Here at Chartfreak, we have been buying & trading them for weeks now. I want to share some of the charts and ideas that we are again looking at , since I am expecting another leg higher.
OIL Feb 10- Some said "Bear flag" We had been trading energy stocks , and I saw signs that OIL wanted to go higher.
Feb 18 - consolidation/ base building. I posted this chart , I wanted a drop to $49 actually...
Read MoreAfter watching various sectors endure some prolonged sell-offs, we've been able to buy near the lows and make some decent gains %-Wise. This does raise a few questions. Are these THE lows? Are these sectors just bouncing from oversold conditions, only to continue lower later with a double bottom or even making lower lows? Lets start off by looking at some "lows"
This is our current chart of OIL
You see definite signs of improvement in this bounce, but I wanted to point something else out just to keep us alert...
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