ONEOK Inc. (OKE) was upgraded today to a buy by TheStreet's Quant Ratings service. OKE is a midstream service provider and owner of a natural gas liquids systems but I am more interested in how the price charts and indicators are looking. However, it is always a more compelling story when the fundamental, quantitative and technical stories fit together.
In this daily bar chart of OKE, below, we can see an uptrend from June. A rally above $61 will refresh this trend. OKE is above the declining 50-day moving average line and above the rising 200-day line. The daily On-Balance-Volume (OBV) line has been firm to rising since June. The Moving Average Convergence Divergence (MACD) oscillator has been hugging the zero line recently but is positioned to turn higher from here.
In this weekly bar chart of OKE, below, we can see that prices are above the rising 40-week moving average line. The weekly OBV line has been steady and the MACD oscillator is above the zero line.
In this Point and Figure chart of OKE, below, we can see an initial upside price target of $67. A trade at $61 will be a fresh upside breakout.
Bottom line: OKE is poised to move still higher. Traders could go long above $60 and $61 risking below $55 for now. The $67-$70 area is my price objective.
