03/13 – 03/17 Energy

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

CLd1        CLW1

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

USOD1        USOW1

Last week we have seen a big down move and putting a new Low low first time since august 2016 and we can say without doubt that OIL from now is weak. The prior pivots for trading this week is 50 and 48.30 on /CL ( 10.60 and 10.25 for USO).  As long as /CL hold  below 50, stay bearish and watch for follow through to clear 48.30 and after the second trend-line somewhere around 46.30.

 If bulls build up power and broke 50, i will avoid this sector.

Knowing these things let’s take a look at the energy sector :

XLED1          XLEW1

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 68.89 and 71.10 on XLE. As long as XLE hold  below 71.10, stay bearish and watch for follow through to clear 68.89 and after 67.10.

Oil, Gas & Consumable Fuels : 

  • Strong Stocks : APC, CNQ, DVN, EOG, PXD, SU.
  • Weak Stocks : APA, CLR, COP, EGN, EQT, HES, NBL, NFX, PE, OXY.

 

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s