MTP Trade #15 2019

Buy DNO for a bounce

We think DNO is oversold on a technical basis and we expect a tradeable bounce this week.

We think there is potential for the stock to trade  up 5% to18 NOK and possibly higher.  We would recommend buying at 16.90 or better, stop at  16.25

Oil prices seem to be holding at the $70 level and with the incidents in the gulf, combined with Venezuela and Iran.  A short term rally in Oil will help DNO this week.

From a technical standpoint DNO is very oversold, we also expect the broader stock markets to bounce for a few days after the sell off last week.

We don’t see this as a buy and hold trade but more of an opportunistic short term trade with good risk reward characteristics.

DNO looks set up for a bounce

Oil bouncing on the global uncertainty

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