Followers | 689 |
Posts | 143817 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
Wednesday, September 16, 2020 3:04:02 PM
By: Greg Schnell | September 16, 2020
* (Click Read Full Story »»» at the bottom of the page for the charts to appear on the post)
Oil is bouncing ahead of this weeks' OPEC meeting. That is a meaningful reversal after oil stabilized around the 100-day moving average.
Taking a quick look through the charts of some of the industry names suggests some opportunity is setting up.
Range Resources
I have used the 60-minute charts to show the move in the stocks following the oil reversal. The green Keltner Channel can be used as a support/resistance layer.
Parsley Energy is also a nice-looking chart. Commodity related trades are known as swing trades. You need to buy near the lows. Parsley looks very strong on the reversal.
Cabot Oil and Gas is also reversing nicely. I like that the down trend in momentum is breaking month-long trend lines suggesting a change in momentum with the rally in price.
Many of the stocks have been in month-long downtrends even though oil peaked out less than 2-weeks ago. The difference between investing in Commodity names and tech names is buying near the lows on reversals. Weak tech can stay weak. Oil names will fall hard as oil pull backs then reverse higher as price of the commodity improves.
Take a look there and see if there is anything for you!
The Move To Electric!
Good trading,
Greg Schnell, CMT, MFTA
Read Full Story »»»
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. Caveat emptor!
• DiscoverGold
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM