Que,
A technical battle is being waged on some oil names here. It may be interesting to try to figure out what to be watching for in the next few days. Some of you may be familiar with Stan Weinstein's book on trading--to me, still probably the best book on intermediate term trading ever written. Stan's major thesis is that stocks will find themselves in 1 of 4 stages: Stage 1, uptrending stocks, Stage 2, consolidating, chopping stocks, Stage 3, downtrending stocks, Stage 4, consolidating, chopping stocks. Stage 2 may also be called topping stocks, and Stage 4 bottoming stocks. Many trending stocks are now battling to continue their trends. Here are a few charts that might be of interest to this group:
ATW will let us know in the next day or so whether its intermediate term breakdown will continue. With a 2nd lower low in place and a 2nd lower high curling into place as of Friday, a drop on Monday would confirm a bearish outlook, and all intermediate plays should be structured accordingly:
stockcharts.com[h,a]daclyiay[pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G
DO is holding up better, but as the sector goes, so will DO, I believe:
stockcharts.com[h,a]daclyiay[pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G
PTEN is too close to call, but absolutely necessary to watch:
stockcharts.com[h,a]daclyiay[pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G
NBR is similar (slightly worse than PTEN, but not enough to make a different call):
stockcharts.com[h,a]daclyiay[pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G
NE looks best of the three to me:
stockcharts.com[h,a]daclyiay[pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G
OII has a confirmed downtrend in place; it would take a herculean rally to reestablish an uptrend on this stock in an intermediate timeframe (2 weeks or so):
stockcharts.com[h,a]daclyiay[pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G
KEG, the chart speaks for itself, but it is unclear how low a target could be set:
stockcharts.com[h,a]daclyiay[pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G
EOG has a confirmed uptrend in place, all indicators are still positive on my charts:
stockcharts.com[h,a]daclyiay[pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G
OXY has not made a lower low and is still on track with its major trend:
stockcharts.com[h,a]daclyiay[pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G
NXY looks good here as well:
stockcharts.com[h,a]daclyiay[pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G
Kb |
