I think putting it in within such a 'channel', make sense. (It trades along with this "trend" (line, on top, since 2020), which is has never succeeded to break, yet). Expect it to follow this pattern in future (copy/paste the trend line). Follow the long averages. (The bottom of channel is "bottom" of 2020 crash; and end of the initial "reflation trade" rally)....
ER by the period as well. this is the longterm "trend" (line) to follow. Would imagine getting above it to be super bullish. Once XLE/SPY gets "above", where it needs to be, more volume would hop in opportunistically.
RIG will test 7-8$, imho, when these two lines colide, in like september or october. (It's current trend). Expect some head wind in short term from slower global recovery (variant). It would be hard for XLE to return to where it came from; so that's extremely bullish . No crap head lines can't change fact that there was underinvestment into oil exploration; thus...
ascending triangle; needs to beat 4.20; 4.50; 5.20 (2019 levels).
Believe, from here, it could either retest bottom of channel of 3.20-> bounce to rally. Or it consolidates before breaking above (a longterm downtrend); Or big volume, fire power shows up; bullish once breaking above 4.10-4.20 levels. TP at 5-5.20$ range, re-tests 4.20-4.50, before moving higher. Catalyst will be WTI and XLE/XOP markets. Fundamentally I believe...
as long as WTI heads in right direction, MAs here are slopping up. Price Target 4.70-5$ by mid june. Multiple Resistances.
broke the trend; cause and effect in play; longterm probably will get to 120k. NIO wibes.