ERF - Descending Broadening Wedge With Common Pattern An idea for ERF showing a descending broadening wedge
Similar structural areas are labelled
They also move perfectly in synchronicity with their respective Fibonacci circles
ERF
ERF possible run up soon ERF looks good. TDIGM , the white line did close below red zone then went back up a tad . Also, Stoch RSI the two lines are well below, and crossing. It also is flattening out right around resistance, which is the bottom blue line. we want to see a bullish engulfing on the hourly chart to make that resistance line into a support line. if this drops more, i could see 9.80 range in my opinion.
Short option for O&GERF has had a large run up relative to other companies in it's industry. There is a large wick with large volume, this is a sell signal to me. I'd pair this short off with some long XOP but either way I believe it should work.
