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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 694.04

+0.7%

Jan 9 4:00 PM EST

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To: Johnny Canuck who wrote (47854)	5/2/2012 2:25:48 AM
From: Johnny Canuck	Read Replies (1) of 69663

Energy sector BNP.TO still in a down trend. Bouncing off a short term bottom. Resistance at $20 and $22. Potential short term trend change. Significant trend change in SU.TO. SU.TO is surrogate for the energy sector. OBV break indicated there is strength to this move. ECA.TO indicates a significant trend changes has occurred. The acceleration in volume indicate the move has conviction. It has cleared the support level at $20. This is a strong support level. XOM consolidating at a strong support level. New high on the OBV indicate strength in the move. Similar OBV high on RDS.A Price crossing the 50 day SMA indicates a trend change is underway. Small cap oil and gas stocks not leading this move. On the other hand oil service stocks are still on the defensive and in negative or neutral trend. It looks like big cap oil and gas producers are moving first in a potential strong trend change for the sector. I would expect these sectors to move first as they are safer bets for traders as opposed to the mid to small caps that may has cashflow problems as credit tightens are lenders take a risk off approach.

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