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$4.60 senex energy limited

Is this your chart stocks with an X in the ticker code week?...

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CEOChair

26,501 Posts.

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20/01/20

15:11

Post #: 42474907
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Originally posted by Greynomad73 ↑

I couldn't find an SXY charting thread so here's a new one. It is a bit technical and anyone who isn't familiar with Wyckoff Theory probably won't follow it but the TA junkies out there might get something from it.
I've traded SXY on a couple of occasions previously (with losses) . As a result I had decided to keep away from it but I saw something in its chart on the weekend that made me want to see if I could break my losing streak.
I've bought in today because it is coming off a low that sits on a long term support line (blue dashed line), its made a higher high, low and high again on the weekly and a higher high again today on the daily (after which, Murphy's Law saw the price fall back a bit. Price has broken above and importantly closed above a technical down trend line (solid black line) for 2 consecutive weeks - another buy signal. The green channel I saw as an upsloping Wyckoff pattern but after further consideration I think it is just a plain old garden variety channel.However there is a small Wyckoff pattern in the light yellow rectangle. Wyckoff Theory says that price should continue to make higher highs and lows from the low at the end of December (a spring which was followed by a retest). Wyckoff uses Point & Figure charts for targeting and while the pattern isn't advanced enough to say where the last point of support in the pattern is (something that is part of the targeting calculation) a rough guess suggests a target of $0.455 - which fits nicely with the probable next high in the green channel (assuming price does head back to the top boundary). Somewhere around a 30% profit if SXY follows the rule book (which it never seems to).
Be warned, when SXY does turn down it drops quickly.

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Is this your chart stocks with an X in the ticker code week?
I’m afraid I’ve never attempted to read up on Wyckoff Theory, but appreciate your explanation anyway, so keen to see if 45.5c comes off - is there a timeframe on that?
For my part, I bought a 34c trader this morning for a ST 37c target, just to keep myself amused (I have held and always bought some and sold some for years, sometimes medium term trades sometimes ST and don’t mind getting stuck with a trader if it goes the wrong way, because LT I know the E Coast Gas market is structurally short and SXY are here to assist with that problem. )

SXY Price at posting: 34.3¢ Sentiment: Buy Disclosure: Held
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