02/27 – 03/03 Energy

/CL (oil futures) – weekly and daily charts :

clw1    cld1

USO (oil traded ETF) – weekly and daily charts:

usow1     usod1

Oil build up a nice setup with higher highs and higher lows( with green on /CL daily chart) from 11/14/2016 . The prior pivots for trading this week is 55 and 53.29 on /CL ( 11.30 and 11.64 for USO) with also are a nice bull flag which can be solved on wednesday when we will have new data about oil number. If bulls broke and hold above 55 watch for follow through to 56.50, if bears build up power and broke 53.29 see if they hold and we may go to retest the 51.30 pivot (11.05 for USO). Knowing these things let’s take a look at the energy sector :

xlew1     xled1

On the weekly chart we see that on 4/11/2016 bulls have broken the downtrend and then, they created a nice trendline ( with violet on charts ) , from which every time price goes up . Also we have a minor downtrend form 12/12/2016 to present. The prior pivots for trading this week is 72.85 and 70.07 on XLE. IF oil will go up watch if XLE will broke and hold above 72.85 for follow through to 73.68 – 75.30 levels trading strong stocks. If oil is weak watch if bulls hold 70.07 and try to play a support bounce setup trading strong stocks versus a level. If the bears are found to be stronger and broke 70.07 se if they hold an watch for follow through to 67 trading weak stocks, but don’t forget about the oil.

News :  Wednesday, March 1, 2017

10:30   USD Crude Oil Inventories

Oil, Gas & Consumable Fuels : 

  • Strong Stocks : ENLK, PXD, RED, SN
  • Weak Stocks : CNX, EPD, NFX, APA, APL, OAS, CLR, CNQ, COG, CPE, PE, COP, CRC, RICE, CPG, CRZO, RRC, SM, DVN, EGN, EOG, EQT, WPX, GPOR, HES, MRO, MTDR, MUR, NBL, XOM, CVX.

 

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