jet, do yourself a favor. Learn about negative and positive divergence. Price action usually follows divergence. You can enter into a trade a lot earlier. FOMC meeting so good probability market turns bullish.
Well, what can I say? Told you the MacD was showing negative divergence on 7/21.
It means price action will probably drop. Think of it as a pullback. As long as VLO remains inside the 5 yr mo bullish Rising Channel, it should be alright. The bottom trendline of that Rising Channel is 54.60. This number changes periodically, but if the bottom trendline breaks, then I would really worry.
Whoa, hawkie, I'm impressed. Are you trying to learn TA, and how did you hear about stocks zig zazing? Have you been reading my posts?
No it does not last. The Rising Wedge which you call an Ascending Wedge is a bearish chart pattern, and it will play out 80% of the time so yes it will likely slip out of the wedge. Look for clues to see if it is about to break. RSI 14 is overbought. EOD candlestick indicates an Evening Star cs formation may be forming. My guess...........it will probably move down. Oh dear It may be time to go short again.
Frank? Hawkie, did you know my brother?
Come now. You are not listening to me. Go back and re-read my posts. I said VLO is bullish as long as it remains inside a Rising Channel located on the 5 yr mo chart.......so far so good. It has the potential to reach 71 plus as long as it does not break thru the bottom trendline at 54.63 of that Rising Channel. However, there will always be pullbacks and bearish chart patterns inside the bullish Rising Channel. It's a fact, Jack. As mentioned before, it's an Elliott Wave thing. Try to remember that. Don't make me repeat myself again, and again, and again.. It makes me think you are not listening to me.....sniff, sniff, sniff. Do you have a handkerchief so I can blow my nose?
Yawn, so what's new. I already covered that 2 days ago. They're a little late. OMG, talk about house renovations, I need to work on a house to get it ready to sell. I think I'll put down a laminate floor. Always, great fun when you do this yourself......jeeze !
Chris, I am sorry you have not been reading by posts. VLO broke out thru a Symmetrical Triangle. It formed a Two White Sodiers candlestick formation which is bullish. However, there are usually 3 soldiers. I mentioned there was a Rising Wedge that had enough wiggle room for another candlestick. On Friday, you then got a 3rd White Soldier making it Three White Soldiers, but then that last soldier turned traitor. It looks like he is going to shoot them dead on Monday. We will have to wait til Monday to see if he kills them............I see red !
Thanks, getting ready for a knee replacement, and not looking forward to it. The chart to the right of this MB also indicates there is a Rising Wedge chart pattern. This is a bearish
chart pattern, and it usually plays out about 80% of the time. There's still enough wiggle room to fit another White Soldier between the trendlines, but I think it will be short or it could be a reversal candlestick. Google "images of a Rising Wedge," and you will see the damage one can cause. GL
Sorry vpapandr. Had to see my cardiologist today, and I was there most of the day. Don't be kicking yourself. Don't ever have regrets. What's done is done.
It looks like VLO got another White Soldier candlestick. You can see it on the 3 mo d chart. There are usually 3, but sometimes there might be only 2. I am smelling a momentum shift to the downside. If we get it, I am thinking 62.01 as there is strong candlestick support in that area, but 60.57 is also possible.........to close a gap.
Remember, VLO remains bullish, but there are always momentum shifts, and smaller chart patterns to play.
I am still long, but that could change pretty soon. As for Hawkie. He probably went hunting for shorts. I better hide.
Thanks, jet. Gaps are filled 95% of the time. It doesn't matter how long it takes. It just happens. Just look at MU. It filled gaps just recently that occured in April 2014. Watch & see if the one at 13.57 gets filled.
Anyway, I am long on VLO at this time, but please read my new thread "WHOA".
I don't like the look of that pattern on the chart to the right of this MB. Also the EOD candlestick (cs) on the 3 mo d chart is a long cs. They are often followed by a reversal cs. 80% of the time, it will be an Evening Star or some other bearish cs formation. If it is, VLO will likely move down. 20% of time it could be a Two or Three White Soldier cs formation. Then VLO will move up. It depends on how it opens tomorrow. I am still long until I see what happens in the morning.
Thanks, emmachatman. I usually do, but I cannot lie. I took a small loss, but I tripled my next play to make up for my loss. Hey, but I hit a homerun with MU which I shorted from 36 to 19.56. That's a 16.44 per share profit.