SDRL long idea
Will be watching price this morning for a potential breakout of the current bull pennant.
Bull's favor:
1. Large buying volume recently
2. Golden cross formed yesterday
3. MACD near a bullish crossover
4. Medium-term trend is currently with us
5. Bull pole/Pennant pattern currently (15 Min)
Bear's favor:
1. Negative divergence in MFI and RSI created recently
2. A few resistance levels waiting up ahead
3. 200-period SMA still neutral
If price can break current pattern this morning to the upside, we could see some healthy movement and some work towards those resistances.
Bull's favor:
1. Large buying volume recently
2. Golden cross formed yesterday
3. MACD near a bullish crossover
4. Medium-term trend is currently with us
5. Bull pole/Pennant pattern currently (15 Min)
Bear's favor:
1. Negative divergence in MFI and RSI created recently
2. A few resistance levels waiting up ahead
3. 200-period SMA still neutral
If price can break current pattern this morning to the upside, we could see some healthy movement and some work towards those resistances.
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