IMO - Poised for move

IMO is the best looking oil company chart that I could find. The weekly pattern shows the possibility of a three week test of the low. This support level includes the 40 week moving average and the .326 fib retracement level.

The wave structure suggests that we may be in the fourth wave of an impulse pattern, with wave five to begin soon. Often, wave five moves for commodities are the longest waves.

The trade range spans from 24 to 34. A longer term view shows that this trade range has persisted since 2015.

Beyond 34, the stock had reached as high as 63 and ran into the 50s two other times.

IMO's price correlates very well with the price of CL oil futures. I think that in the equity world, it might be the best choice to trade oil, in the equity market. I'm open to others' suggestions. What other oil stocks are you looking at?

I owned Exxon and Chevron until June when a move to turn Exxon green moved me to liquidate all oil shares. Since then, I have bought some RSX, a Russian market ETF. Seems that under the current administration, oil profits will accrue to Russia, Iran, Venezuela and Saudi Arabia.