ONEOK, Inc. operates as a diversified energy company in the United
States. The company operates in three segments: ONEOK Partners, Natural
Gas Distribution, and Energy Services. The ONEOK Partners segment
engages in gathering, processing, storing, and transporting natural gas;
owns and operates interstate and intrastate regulated natural gas
transmission pipelines and natural gas storage facilities; and gathers,
treats, fractionates, stores, and transports natural gas liquids (NGL)
to third-party fractionators and pipelines. This segment is also
involved in the storage and distribution of NGL products to
petrochemical manufacturers, heating-fuel users, refineries, and propane
distributors through regulated distribution pipelines. The Natural Gas
Distribution segment provides natural gas distribution services to
approximately 2 million customers, including residential, commercial,
industrial, and transportation customers, as well as wholesale and
public authority customers in Oklahoma, Kansas, and Texas. The Energy
Services segment offers 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.
To review ONEOK's stock, please take a look at the 1-year chart of OKE (ONEOK, Inc.) below with my added notations:
Notice the falling wedge that I have outlined on the chart of OKE. A
falling wedge price pattern is essentially a type of triangle formation
in which the stock (OKE) has formed a downtrending resistance line (red)
and a downtrending support level (blue). These two trend lines
converging on one another combine to form a falling wedge, which is
considered a bullish pattern.
Confirmation of this pattern occurred when the stock broke through
the downtrending resistance. In addition, the stock also broke back
above its key level of $42 (brown).
The Tale of the Tape: OKE has confirmed its falling
wedge pattern, which should lead to higher prices for the stock. A long
trade could be entered on a pullback to the key level of $42 with a stop
placed below that level.
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