ONEOK, Inc., a diversified energy company, engages in the gathering, processing, storage, and transportation of natural gas in the United States. The company operates through three segments: ONEOK Partners, Natural Gas Distribution, and Energy Services. The ONEOK Partners segment is involved in gathering, processing, storing, and transporting natural gas; owns and operates regulated natural gas transmission pipelines, natural gas storage facilities, and natural gas gathering systems for unprocessed natural gas; and owns natural gas liquids systems. This segment offers its services to petrochemical manufacturers, heating-fuel users, refineries, and propane distributors. The Natural Gas Distribution segment provides natural gas distribution services to residential, commercial, industrial, and transportation customers, as well as wholesale and public authority customers. The Energy Services segment offers non-uniform natural gas supply and risk-management services for natural gas and electric utilities, and commercial and industrial customers through its network of leased storage and transportation capacity. ONEOK, Inc. is headquartered in Tulsa, Oklahoma.
To review ONEOK's stock, please take a look at the 1-year chart of OKE (ONEOK, Inc.) below with my added notations:
OKE has been trading mostly within a broad, sideways range for the last (6) months. During this time, the stock appears to be finishing up the formation of a Rectangle pattern. Rectangle patterns form when a stock bounces between a horizontal support and resistance. A minimum of (2) successful tests of the support and (2) successful tests of the resistance will give you the pattern. For OKE, the Rectangle pattern formed a clear $40 support (blue) and seems to be pulling away from the $45, 52-week high resistance (black) again.The Tale of the Tape: OKE has probably formed a very common chart pattern known as a Rectangle. The possible long positions on OKE would be either on a pullback to $40, or on a breakout above $45. The short opportunity would be on a breakdown below $40.