ONEOK: #PowerStocks Series Pick Of The Week (September 2024)

This was the 1st visit by a Pope since 1986. Did you manage to catch a glimpse of the Pope in Singapore? From his visit, I learned the significance of yellow and white. And I'm happy that my Catholic friends enjoyed his visit. May we continue to build a harmonious society. Switching to the stock market. Do you remember last week's stock pick - Walmart (WMT)? Shall we review it?

Review Of Last Week's Pick Of The Week

Walmart (WMT) was last week's #PowerStocks pick. It's a grocer, well-known for its economically priced products. Walmart's share price were pulling back, and I'd anticipated the pullback to continue before buying them for an explosive swing trade. However, it was not meant to be. The pullback ended, and its share price rose by more than 5% in a week! Should you buy its shares now? I've shared my thoughts in my Telegram Channel.

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Shall we now analyze this week's stock pick: ONEOK (OKE)?

Why Is Swing Trading ONEOK (OKE) Worth It?

Source: oneok.com

ONEOK (OKE) belongs to the Energy sector. The company is in the business of gathering, processing, fractionating, transporting, storing, and marketing of natural gas. There's something that traders love about its shares - while the S&P 500 had risen by 3.5% in the last 3 months, the share price of ONEOK had risen 16%. That's a huge outperformance of nearly 5x! In addition, ONEOK's share price is known to be explosive. Its share price has experienced upward bursts between 4.7% and 15% in the last 11 months. Here's the best part: Its shares look ripe for an explosive swing trade. So, what's the game plan? Continue reading to get the details. P.S. What if I told you that you could drastically gain control over your emotions of fear and greed, and master the stock market in a short amount of time? My team and I have worked tirelessly to help you achieve results fast. Click on the banner below to claim your stock course for free (limited time) now!

Performance Of US Stock Market vs ONEOK (OKE)

Let's begin determining the suitability of ONEOK's shares for an explosive swing trade by looking at the comparison chart above. Can you tell that the trend of ONEOK's share price? The trend of its share price helps you determine whether you should be looking for buying or shorting opportunities. Knowing that its share price is in a powerful uptrend, you'll want to look for a buying opportunity. How does its share performance compare to the S&P 500? While the S&P 500 had a modest gain of 3.5% in the last 3 months, ONEOK's shares have enjoyed a 16% return! Imagine you own the shares of ONEOK and you're sitting on 4.5x more returns in your trading account. What else can you expect from its shares? Let's discover more about its shares in the next section.

How Explosive Is ONEOK (OKE)?

Because you are looking to buy its shares, and you'll profit if its shares rise, let's gauge whether this trade will be worthwhile. In the last 11 months, the share price of ONEOK has exploded 11 times! Enjoying a huge market capitalization of more than $53b, its upmoves of 4.7% to 15% are highly impressive! Therefore, you can be assured that your trading capital will be used efficiently. Here comes the golden question - should you buy the shares of ONEOK?

Key Price Levels

I think that the time to buy its shares for an explosive swing trade is here! Here's why. There's a key price level (aka support and resistance) at around $91. What's the significance? The share price of ONEOK was above $91 for a couple of weeks and that price area looks to be a strong support zone. As its share price has bounced above its support area, I believe that it's ready to head higher from here. Remember trade discipline? Please set a stop loss and size your position well. Let's review this stock next week. Finally, this is for educational purposes. Please perform your due diligence. All images are taken from pexels.com, pixabay.com, sectorspdrs.com, tradingview.com, and unsplash.com, unless otherwise mentioned.

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The stock market is full of traps laid out by professional traders. Many new traders are often left confused by conflicting signs and signals. Worse still, ~80% of traders lose money. This is because trading isn't just about skill alone. It includes the mastery of your emotions. But what if I told you that you could quickly gain control over your emotions of fear and greed and master the stock market? My team and I have worked tirelessly to help you achieve results fast. Click on the banner below to claim your stock course for free (limited time) now!