Oneok Inc. - (OKE) - September 27, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Natural gas and liquids pipeline ONEOK (OKE) spent most of the last two years in the green zone of the SIA S&P 500 Index Report, but its relative strength has weakened lately. The first crack and dip into the Yellow Neutral Zone came in June. A summer rebound appears to have ended with the shares starting to roll down in the rankings once again. Yesterday, OKE finished in 129th position, down 31 spots on the day and down 53 places in the last month.

A major top has formed in ONEOK (OKE) shares and a breakdown has started. Over the last year, a bearish Head and Shoulders Top has been forming, which completed yesterday with a close below the neckline. A recent breakaway gap downward and recent declines on a spike in volume also indicate that downward pressure has increased. A close below $50.00 would confirm that a new downleg has started.

Based on previous lows, next potential downside support tests appear near $46.00 and then $40.00 on trend. Initial resistance appears near $55.00, the bottom of the recent bearish gap.

 

Since peaking back in April, ONEOK (OKE) shares have been under distribution. A summer bounce peaked at a lower high, confirming the start of a new downtrend. Selling pressure appears to be intensifying with the shares completing bearish Double Bottom and Spread Double bottom breakdowns that have extended into a bearish Low Pole, confirming the start of a new downleg.

Based on previous column highs and lows, next potential support appears near $46.10, then $43.45 based on a horizontal count and $40.90 based on a vertical count. Initial rebound resistance appears near $55.10.

With a bearish SMAX score of 3, OKE is exhibiting weakness against the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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