NGL Bullish Swing Ride to 11.84
I have setup a limit-buy at 7.93 with a stop at the low of the day $7.52. The Targets 11.84 and 10.84 have reward:risk ratios of 9:1 and 7:1, respectively. This trade needs to work before April 17th. I will also exit this position if a long upper wick forms on the 50 (green line) at the end of the day.
NOTE*** I have been trading NGL for a while and it has been trading in correlation to crude for a while until recently. I think recent analyst downgrades have weighed down the stock price. Also energy bulls are hoping for an output freeze on April 17 but Crude Producers are looking to freeze output at January 2016 levels which is still balls to the wall. In short, this freeze might have little to no support for the American energy sector
I will look for a close above the 50 EMA on the daily before i take this trade bullish again.