GUSH bullish scenario

Hidden Bullish Divergence on daily MACD & RSI could still be in play but GUSH would badly need to pivot here and now. A lot of confluence (Fib. level and measure move) around $109 making it the perfect target for longs. Right now it looks very much like a coin flip but recent technical breakout on crude oil gives the industry some hope. Cautious traders would look for entry on backtest of the triangle. As of today bearish scenario with triangle breaking down and $40 target seems just as likely in my mind.

코멘트:

Comment: $58 is the final support that one can hope holds for GUSH, we might be looking at some sort of falling wedge continuation if it does but that scenario seems less and less likely, all help on oscillators that implied upside is mostly invalidated now. Otherwise if (when) this beaks it's time to get in on DRIP in my opinion.

코멘트:

Yeah we're definitively looking at bearish scenario right now, target is probably around $37.

코멘트:

I wouldn't short right now btw, when triangles like this break down they usually get backtested for resistance. When price goes back to 60-61 range later this week and gets rejected would be the time to open shorts. Always wait for confirmation, fakeouts do happen.

코멘트:

So we are now looking at bearish scenario - traiangle broke down and now price came back to backtest old support ($60) for resistance. I would imagine more downside will follow with target in 40s if TA is respected. If price was to get back above $60 and hold we could be back to this bullish idea but for now nothing on the chart implies upside.