OXY- A Bullish Trade in an overall Bearish Trend

As oil dumped pre market today, I decided to check out OXY

I drew the trend lines and I was happy to see a nice demand zone that was in play for a buy.

I placed orders in premarket for $12.15, $12.15, $12.11, $12.10, and $11.97 (all filled)

I am seeing this as a bullish trade in the short term just following its journey up to resistance.

The big picture bearish pattern is a rising wedge that may morph into a larger bearish

I will exit this trade if my cost basis starts to be of question

Good luck traders!

Kommentar:

New buy zone...
Google "diamond bottom reversal, charts"

Kommentar:

Progress

Trade wurde manuell geschlossen:

CLOSED TRADE- Too many inconsistencies and not worth the stress with negative factors at play. I don't like the look of a possible head & shoulders on the daily and room for more downside when looking at the oscillators. There is also some divergence there. I have been going back and forth with myself analyzing the chart and just can't find the conviction to stay in the trade.

Best of luck all!

Kommentar:

Almost forgot- Another reason for closing was the spike in after hours trading that consisted of a massive amount of distribution on the sell side. NO THANK YOU