Today I share with you a stock trading idea that, barring an ugly reversal, should be active for months. We will try to revisit and discuss in the future as necessary.
Today’s featured stock is Southwestern Energy (SWN). Though we are awash in green initiatives, it will likely take many years for the sun to set on fossil fuels. And some companies are well-positioned to revamp their businesses and move ahead. One of these, I believe, is Southwestern Energy (SWN).
The stock is sitting in a broad price channel right now and is readying for a breakout. Note, however, that this trade may take weeks or months to materialize. The stock has stabilized from deep support and is now sitting within the middle of the support channel.
I have posted price levels and analysis on the stock chart. My plan is to add to this position any time it comes into the 2.30 level or so and my defined risk (stop level) is at my initial buy point of 1.92.
The author has a position in the mentioned security (SWN) at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.