A look at the energy sector. Oil prices are rising, on tension on Iran, and on the economic recovery. What do have to play with ?
XLE (daily view)
– The ascending triangle is broken, retested and up again. Strong pattern –
CVX (Weekly view)
– Ascending triangle, a few fake moves in the past. This one is for real ?
HAL (weekly view):
– Has still a lot of room to the upside, before breaking previous highs. A breakout of the triangle to the upside is to be watched.
USO (weekly view)
– An inverse head and shoulders pattern is being played out. If it persists, the measured move upwards would be 10 (neckline 40 minus low of head 30) and the target price is 50
XOM (weekly view)
– An inverse head and shoulders setup
– At all time highs. See the second chart, from 1996-2012.
– Is XOM regaining from Apple the status of largest company in the world again ?
screen shot 2012 02 22 at 08 29 44
screen shot 2012 02 22 at 08 42 29
Weekly view of the PowerShares DB Multi-Sector Commodity Trust Agriculture fund :- Coming out of an oversold level
– Conquering the 200W MA
– MACD is turning positive
– Overall trend is still negative, but could happen
Daily view :
– Ascending triangle
– Clear resistance level at 29.4 and the 50d MA. Two levels to be broken in order to break the downtrend
– Sugar is in a multiple week bottoming process.
– It made a first attempt to break out of the channel in the beginning of the year. – Trend is flat and starting to move up
– A break above 85 is a buy signal, with the stop loss just below 85.