SDRL long idea
Will be watching price this morning for a potential breakout of the current bull pennant.
Bull's favor:
1. Large buying volume recently
2. Golden cross formed yesterday
3. MACD near a bullish crossover
4. Medium-term trend is currently with us
5. Bull pole/Pennant pattern currently (15 Min)
Bear's favor:
1. Negative divergence in MFI and RSI created recently
2. A few resistance levels waiting up ahead
3. 200-period SMA still neutral
If price can break current pattern this morning to the upside, we could see some healthy movement and some work towards those resistances.
Bull's favor:
1. Large buying volume recently
2. Golden cross formed yesterday
3. MACD near a bullish crossover
4. Medium-term trend is currently with us
5. Bull pole/Pennant pattern currently (15 Min)
Bear's favor:
1. Negative divergence in MFI and RSI created recently
2. A few resistance levels waiting up ahead
3. 200-period SMA still neutral
If price can break current pattern this morning to the upside, we could see some healthy movement and some work towards those resistances.
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.