This Mega-Cap Stock in a Strong Group Just Turned Bullish!
By: Mary Ellen McGonagle | November 19, 2020 * (Click Read Full Story »»» at the bottom of the page for the charts to appear on the post)
It's been a tricky couple of weeks in the markets, as lockdown stocks dropped sharply on the vaccine news but are currently "back in style" given the surge in new virus cases. Other areas, such as Healthcare, have seen their share of mixed signals as well.
Throughout this period, there's been one area of the markets steadily improving, and the momentum appears to just be getting started.
I'm talking about stocks in the worst-performing Energy sector, where lower oil and gas prices, along with lower demand, has pushed these stocks down over 50%. Recent interest is pushing many of these stocks into downtrend reversals, such as industry heavyweight Chevron (CVX) DAILY CHART OF CHEVRON (CVX)
The company is one of the few larger oils that hasn't cut their dividend this year, as they continue to hold the best balance sheet in their industry due to cost-cutting.
This week, CVX bullishly broke back above its key 200-day moving average on volume, which points to further upside. The 6% yielder is fundamentally in a good position as well, given its strong cash flow that can help the company ride out any further weakness in oil prices.
Other Energy stocks that broke back above their 200-day moving averages prior to Chevron are in even better positions to trade higher, as the first stocks out of the gate during rotations into newer areas will historically go on to become your leaders.
Subscribers to my MEM Edge Report were alerted to these leadership candidates earlier this week, and it's not too late to take advantage of the expected big moves in these cheap stocks. Use this link here to uncover my 3 top Energy picks that are just now breaking out of bases. You'll have access to my top picks elsewhere in the markets as well!
And don't forget to watch my MEM Edge show every Friday afternoon, where I help you get set up for success for the next week and beyond.
Mary Ellen McGonagle, MEM Investment Research Read Full Story »»» DiscoverGold