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#1 alexnewbee

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Posted 26 August 2019 - 01:37 AM

Inverted H&S on weekly chart, if it plays out, target about 7, current price nearby contract 2.18, so huge risk/reward.


"we do G.d's work" Lloyd Blankfein

#2 senorBS

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Posted 26 August 2019 - 09:22 AM

Yeah, lots of commodities looking like major lows may not be forming, I am following COPPER closely as big picture it follows

gold since 2000 at least - looks like it could be trying to end a large correction near 2.50 area of the 5 big 5 up rally from the 2016 big bottom. I bot an initial position in FCX within the last half hr at 8.80. I prefer oil weighted stocks overall to nag gas FWIW, and Canadian yielders like CNQ and WCP (CJ.to for a spec play) - I own both. As always DYODD

 

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#3 senorBS

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Posted 28 August 2019 - 11:16 AM

XOP yesterday (20.45 low) took out the recent new 20.55 June 15 all-time low and registered a 2nd daily RSI divergence - the daily
RSI or momentum low as way back in Dec of last yr (XOP 23.89), the mid Aug low diverged with that and today's
low so far is diverging against Aug 15. This is often a bullish set up for an intermediate term
low at least, weekly RSI diverging as well against last Dec low). From this data source
XOP began trading in 2006.


Note that there was a series of "print/intraday" lows at 20.71/20.7/20.82 in Nov/Dec of 2008 and then
early March 2009. Be interesting to see if we register a huge bottom just slightly below
those lows but in the general vicinity, we see

 

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#4 senorBS

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Posted 28 August 2019 - 12:01 PM

XOP: Better technical set up IMO than Dec 2018 bottom
From that low just below 24 in Dec 2018 the XOP rallied to above 31 in Jan 2019. And that
Dec low was a momentum low with no daily or weekly technical divergences like we have now. There are
no guarantees we can or will rally like we did then but IMO the technical set up is there for
a very good rally, love the risk/reward here
 
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#5 stubaby

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Posted 28 August 2019 - 02:10 PM

XOP: Better technical set up IMO than Dec 2018 bottom

From that low just below 24 in Dec 2018 the XOP rallied to above 31 in Jan 2019. And that
Dec low was a momentum low with no daily or weekly technical divergences like we have now. There are
no guarantees we can or will rally like we did then but IMO the technical set up is there for
a very good rally, love the risk/reward here
 
Senor

 

Thanks senor - I see that too!



#6 senorBS

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Posted 28 August 2019 - 02:34 PM

 

XOP: Better technical set up IMO than Dec 2018 bottom

From that low just below 24 in Dec 2018 the XOP rallied to above 31 in Jan 2019. And that
Dec low was a momentum low with no daily or weekly technical divergences like we have now. There are
no guarantees we can or will rally like we did then but IMO the technical set up is there for
a very good rally, love the risk/reward here
 
Senor

 

Thanks senor - I see that too!

 

and xop looks like a possible near term 5 up from the 20.45 low to todays high, maybe a short term abc correction into the close and/or tomorrow. Lookin to diversify a "bit" into other sectors when I think appropriate, as Dharma says other metals likely to

move up higher eventually with gold/silver and I thing oil may do a lot better as rate cuts continue in U.S,, just a trade for now and still long miners

 

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#7 senorBS

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Posted 28 August 2019 - 03:09 PM

also watching COPPER here for a possible MAJOR low, COPX (copper stock ETF) and FCX may be bottoming this week - huge slaughters, as always DYODD

 

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#8 senorBS

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Posted 29 August 2019 - 10:08 AM

 

 

XOP: Better technical set up IMO than Dec 2018 bottom

From that low just below 24 in Dec 2018 the XOP rallied to above 31 in Jan 2019. And that
Dec low was a momentum low with no daily or weekly technical divergences like we have now. There are
no guarantees we can or will rally like we did then but IMO the technical set up is there for
a very good rally, love the risk/reward here
 
Senor

 

Thanks senor - I see that too!

 

and xop looks like a possible near term 5 up from the 20.45 low to todays high, maybe a short term abc correction into the close and/or tomorrow. Lookin to diversify a "bit" into other sectors when I think appropriate, as Dharma says other metals likely to

move up higher eventually with gold/silver and I thing oil may do a lot better as rate cuts continue in U.S,, just a trade for now and still long miners

 

Senor

 

Nice move continuing in XOP off 20.45 all-time (since 2006 inception) low, 22.70 area is key resistance and I think we are

headed there, FCX and COPX with nice rallies off recent low which have a chance to be potential int term bottoms - way too

early to have high confidence but technical set up IMO is there. Watching to see if CRB can continue a recent bounce off the

area of multi year lows, and da beat goes on

 

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#9 alexnewbee

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Posted 29 August 2019 - 10:28 AM

Thks Senor.


"we do G.d's work" Lloyd Blankfein

#10 senorBS

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Posted 30 August 2019 - 11:20 AM

on todays XOP pullback to 21.32 to perfectly fill the gap left on Wednesday mornings
gap higher. The XOP pattern morphed into a 5 up to yesterdays high which in bullish off the
weeks low at 20.45, I continue to like the case for a continued rally to challenge key
resistance at the 22.70 area.

 

Like the Copper and COPX and FCX action off recent lows as well

 

Senor