Watchlist Addition April 3rd: Northern Oil and Gas (NOG) - Watching for a breakout above $21.25. Notice the price compression on the hourly chart. Low ADX reading means big price movement coming soon. This is an aggressive trade because NOG is in a short-term downtrend. But with the high short interest in this name it could get a nice short-covering pop.
UPDATE 4/4: Broke below support on weak broad market open and falling oil. Breakout above $21.25 didn't happen, so no entry on this pattern yet. Will keep watching.
disclosure: I am long NOG
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