Drill Baby Drill in Royal Dutch Shell (RDS)

sarah palin drill baby drill royal dutch shell swing tradeStock: Royal Dutch Shell Class B (RDS/B)

Long or Short: Long

Entry: 72.01

Stop-Loss: $70.25

Chart: Royal Dutch Shell Class B (RDS/B) Daily

Royal Dutch Shell RDS-B swing trade long

Reason for Trade:  I’m quite certain this is the first time I have ever traded this stock before, but have seen it pop up on my scans millions of times in the past. Now it has this gargantuan inverse head and shoulders pattern that has been forming over the past four months and it is quite impressive. Today it broke out above the fray, and the the early morning dip and recovery shows that there is a great deal of buying power underneath it. 

Also notice the volume on this stock. It has been spiking through the roof the past few weeks while consolidating and forming the right shoulder which is a very bullish sign in my opinion. 

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