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