Oh_If_Only
Long

ASX STO Oil Play Long

ASX:STO   SANTOS FPO
Feb 12: 23.00 AEDT
Ok here is one for the oil             bulls.
This stock has been beaten up recently,
but the falling wedge and solid volume support
at $3.60 and $3.90 suggests ST             potential.
Weekly Support is rising underneath, but at $3.50+

Ok the Trade:
Buy now on the bullish gap bar at $3.90 SL $3.80 TP#1 $4.10 TP#2 $4.40
RR := 50/10
If it fails - re-enter at the bottom of the body gap/Weekly support.
Buy $3.60 SL $3.50 Tgt             $4.40
Profit less our loss above RR 70/10
Tgt             is the upper body gap during WTI push higher and the rising tide.
Warnings:
It has not broken downtrend;
There is a 13m short position overhang;
The body gap under;
Positives:
Oil             and USD rising - good for the bottom line;
Bullish last 3 bars and its above the T-Line;
Indicators and BBs (not shown) are positive.

My position: Break out (fake) then pull back to lower gap
then rally - but it depends upon Oil             , $US an the S&P500            
:= Quick long, short, long

This is an opinion not a guarantee and
... just my 2c worth ...
Kommentar: Mar 6
STO has hit the buy zone with 2 x dojis/spinning tops.
Volume was solid Friday and it gapped down.
Both long underpins suggest (to me) there is bullish absorption.
Short closed Friday - Long opened today.
Weekly support is now at $3.56 with your stop just under that.
For an interesting view on candles and charts in general see Tom Bulkowski at
thepatternsite.com
Patience and confidence
... just my 2c worth
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