OXY is trying to break through a previous gap down today which is causing resistance. If price gets above it it will become a source of support.
ABC bullish is a measured move down within a larger measured move down. Targets are calculated using the AB leg (32.52 - 17.09) and fib levels. I use .38, .62 and .79 for targets one but there are other ways to do the calculation, such as using the exact fib levels of .386, .618 and .786. The AB leg is multiplied by these levels and added to long entry level. Possible stop can be under C. Long entry level is placed at the break of the BC leg with an uptrend. This level is subjective as you may not place that at the same place I place it (o:
No recommendation
ABC bullish is a measured move down within a larger measured move down. Targets are calculated using the AB leg (32.52 - 17.09) and fib levels. I use .38, .62 and .79 for targets one but there are other ways to do the calculation, such as using the exact fib levels of .386, .618 and .786. The AB leg is multiplied by these levels and added to long entry level. Possible stop can be under C. Long entry level is placed at the break of the BC leg with an uptrend. This level is subjective as you may not place that at the same place I place it (o:
No recommendation
Note
The AB leg, or length of the AB leg is multiplied by these fib levels which are decimals
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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.