CNOOC Turns a Corner as Exploration Pays Off

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:175:1">CNOOC Ltd (883 HK)</a> macro support is under pressure after seeing a strong downside impulsive on the back of the dominant triangle support breach. Triangles tend to be the most powerful of patterns, and increases odds the macro pivot support at 11.00-20 is broken.MACD rising wedge support break concurs with a fresh low as does daily RSI rejection of trendline resistance. The challenge is to measure a meagre upticks sequence to short into.Key levels that show price and retracement synergy are 11.75, 12,00-20 as resistance and the critical 11.00 pivot support. Weekly cycle - Clear RSI and MACD range points and maturing descending wedge warns that the next cycle low will set up a good buying opportunity near the weekly RSI 30 zone and lower MACD wedge support.Getting the daily cycle and weekly cycle at a toughing stage will set up a higher conviction long entry with upside hurdles clearly outlined.

CNOOC Ltd (883 HK) macro support is under pressure after seeing a strong downside impulsive on the back of the dominant triangle support breach. Triangles tend to be the most powerful of patterns, and increases odds the macro pivot support at 11.00-20 is broken.MACD rising wedge support break concurs with a fresh low as does daily RSI rejection of trendline resistance. The challenge is to measure a meagre upticks sequence to short into.Key levels that show price and retracement synergy are 11.75, 12,00-20 as resistance and the critical 11.00 pivot support. Weekly cycle - Clear RSI and MACD range points and maturing descending wedge warns that the next cycle low will set up a good buying opportunity near the weekly RSI 30 zone and lower MACD wedge support.Getting the daily cycle and weekly cycle at a toughing stage will set up a higher conviction long entry with upside hurdles clearly outlined.

CNOOC Support Press for Tactical Short that Sets up a Cycle Low/Long Entry