Oil has been completely bananas today. Aside from this insanity, energy stocks still have some interesting topping patterns. They’ve had tremendous strength for weeks, but I think they’re ready to flip lower. Here are a couple………
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
WTI Crude Oil Aiming for $65.00
Further to my prediction at the end of July that WTI Crude Oil may reach $65.00 if it could reach and hold above the 55.00 level, this update will confirm that such a scenario is still a possibility, even though it’s now three months later and we’ve seen a rise in volatility, as price has bounced around in a $10.00 range since then. As I write this post Sunday evening, it’s finally hovering above 55.00.
As can be noted on the Monthly chart below, I’d say that a retest of the bearish (monthly) Moving Average Death Cross around 65.00 is imminent and that momentum currently favours the bulls — particularly in light of the Saudi purge that is underway, as well as recent military activity that’s occurring in that region — and as illustrated by the recent bullish (daily) Moving Average Golden Cross that has formed on the Daily timeframe (see second chart below). (more…)
Oil States
I was already short Oil States (OIS), but I added to it, because any energy-related stock that can manage to be down hard on a day when oil is roaring higher is a friend of mine.
Braving the Wild Nat Gas Ride
To anyone friendly to natural gas for the past five months, holding a long position certainly has been a challenge, and has been more akin to riding a bull on the PBR circuit.
Just to illustrate the bumpy ride, take a look at the 4-hour chart of the nat gas futures (NG) showing the price swings across a multi-month range carved out between 2.90 and 2.82 on the low side of the range, juxtaposed against resistance atop the range at 3.15 to 3.23. Within that range, over several months, there has been no significant change in the perceived fundamentals that indicate there is just too much natural gas around to lift prices consistently above 3.15 for any length of time, yet there is also an apparent perception that under 2.90, nat gas prices are relatively cheap.
