ONEOK Inc. (OKE stock) price has shown a breakout above $60, accumulating in the past sessions. Moreover, the stock chart shows a golden crossover which suggests a near-term rise toward $75. OKE stock has gained massive traction, but due to the neutral reaction to the Q2 earnings results, volatility in the past sessions resulted in rejection near $68. However, buyers absorbed the pressure.
The stock has taken support at the 61.8% fib level and is ready to retest the highs above $70. Furthermore, OKE stock is trading above neutrality and the 20-day EMA, showing buying momentum that might continue for the following sessions. Moreover, the rising parallel channel shows higher highs and higher lows sequences. The stock has retested the channel’s lower trendline and is ready to form a higher high in the following sessions.
ONEOK, Inc. gathers, processes, fractionates, transports, stores, and markets natural gas. It operates through the following segments: Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines. The Natural Gas Gathering and Processing segment offers midstream services to producers in North Dakota, Montana, Wyoming, Kansas, and Oklahoma.
The Natural Gas Liquids segment owns and operates facilities that gather, fractionate, treat, and distribute NGLs and store NGL products in Oklahoma, Kansas, Texas, New Mexico, and the Rocky Mountain region, which includes the Williston, Powder River, and DJ Basins, where it provides midstream services to producers of NGLs and deliver those products to the two market centres, one in the Mid-Continent in Conway, Kansas and the other in the Gulf Coast in Mont Belvieu, Texas.
At press time, OKE stock price is trading at $66.24 with an intraday gain of 1.64% showing bullishness on the charts. Moreover, the trading volume remained at 1.897 Million, while the market cap is $29.654 Billion. However, analysts maintained a strong buy and overweight rating with a yearly target price of $72.25, suggesting a strong growth outlook.
OKE Stock Forms Rising Channel On Daily Charts
On the daily charts, OKE stock has taken support on the lower trendline near the Fib cluster 61.8% and is ready to mint the gains on its way to the $70 resistance level. Furthermore, the technical indicators suggest fresh bullish indications. Long buildup activity was also noted.
Moreover, the price is close to the upper bollinger band and showed a trend reversal from the support region of $55. Buyers have attained momentum and charged up the muscles to revisit the highs near $70.
Short Term Charts Generate Buy Signal
On the 4-hour chart, ONEOK stock has shown a buy signal per the leading indicators. The buyers are gaining traction in as per the previous trading sessions.
The RSI curve has revamped from the oversold region; surpassing neutrality it has formed a positive crossover.
Similarly, the MACD indicator shows a fresh line up of green bars representing a bullish crossover, which indicates that selling pressure is now absorbed and buyers are gaining momentum.
The fresh line-up of green bars suggests that the selling pressure has been absorbed and the buyers are rallying.
Conclusion
ONEOK stock (OKE stock) has shown a trendline breakout, filling the gap near $62. The stock has sustained above $62, holding gains and maintaining the bullish dominance. Furthermore, buyers persist in accumulating, and a rise toward $70 is likely in the coming sessions.
Technical Levels
Support Levels: $60 and $55
Resistance Levels: $68 and $71
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/12/oneok-stock-nyse-oke-shows-breakout-will-it-surpass-70/