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Wednesday, June 28, 2017 9:22:32 AM
Some Low Level Signals Flicker In Energy
By Greg Schnell | June 28, 2017
Watching the energy stocks get pommeled on the back of low crude oil has been hard. We have seen some beaten down names starting to rally slightly over the last couple of weeks.
Here is the $BPENER, which broke above the 50 DMA today as you can see in the zoom box.
Another chart that we have been following with the $BPENER is the momentum of the $BPENER's MACD. We have been tracking the momentum low for the $BPENER shown on the MACD. This cyclical low has happened every three years. The $BPENER data has been set to invisible so we can still create the MACD but not have the Bullish percent data noisily soar and retreat between the price labels still shown.
The MACD crossed above the signal line this week which is very bullish. The real question is whether we need a higher low in momentum and a lower low in the $BPENER. The strong energy stocks should start rallying from here if this chart works as it has historically. The weak energy charts would probably make a lower low.
With the harsh breakdown in the $USD on Tuesday, this is a very important place to start tuning into the commodity area. I'll have a lot more on the Commodities Countdown Thursday.
Stay tuned, this could be one of the best trading opportunities for the strong commodities.
Good trading,
Greg Schnell, CMT, MFTA.
http://stockcharts.com/articles/commodities/2017/06/some-low-level-signals-flicker-in-energy.html
• DiscoverGold
By Greg Schnell | June 28, 2017
Watching the energy stocks get pommeled on the back of low crude oil has been hard. We have seen some beaten down names starting to rally slightly over the last couple of weeks.
Here is the $BPENER, which broke above the 50 DMA today as you can see in the zoom box.
Another chart that we have been following with the $BPENER is the momentum of the $BPENER's MACD. We have been tracking the momentum low for the $BPENER shown on the MACD. This cyclical low has happened every three years. The $BPENER data has been set to invisible so we can still create the MACD but not have the Bullish percent data noisily soar and retreat between the price labels still shown.
The MACD crossed above the signal line this week which is very bullish. The real question is whether we need a higher low in momentum and a lower low in the $BPENER. The strong energy stocks should start rallying from here if this chart works as it has historically. The weak energy charts would probably make a lower low.
With the harsh breakdown in the $USD on Tuesday, this is a very important place to start tuning into the commodity area. I'll have a lot more on the Commodities Countdown Thursday.
Stay tuned, this could be one of the best trading opportunities for the strong commodities.
Good trading,
Greg Schnell, CMT, MFTA.
http://stockcharts.com/articles/commodities/2017/06/some-low-level-signals-flicker-in-energy.html
• DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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