Euronav NV ( EURN) is an Antwerp-based independent tanker company engaged in the ocean transportation and storage of crude oil. The group has become the world's largest, independent quoted crude tanker platform.
Let's check out the charts and indicators.
In this daily bar chart of EUVN, below, we can see that prices have been climbing higher since the beginning of the year. Prices are trading above the rising 50-day moving average line and also above the rising 200-day line. In May and July prices dipped to test the rising 200-day line giving technically oriented traders a buying opportunity.
The On-Balance-Volume (OBV) line shows a rise for the past 12 months and confirms the price gains we have seen. The Moving Average Convergence Divergence (MACD) oscillator is bullish.
In this weekly Japanese candlestick chart of EURN, below, we can see a two-year saucer bottom pattern. Prices broke out to the upside this year and trade above the rising 40-week moving average line. There is an upper shadow in the most recent candle suggesting that prices have reached an area where some traders are rejecting the highs.
The weekly OBV line has been on the rise for about 18 months and supports the price gains. The MACD oscillator is bullish and shows no sign of weakening.
In this daily Point and Figure chart of EURN, below, we can see an upside price target in the $22 area.
In this weekly Point and Figure chart of EURN, below, we can see a longer-term price target in the $29 area.
Bottom line strategy: EURN is not a household name. Traders should check out the fundamental story. Technically, I would recommend buying a pullback to the $17 area risking down to $15. $22 and then $29 are my price targets.
