Two Energy Stocks Near Buy Points

04_North_Sea_oil_rig_May_1975 Energy Stocks

Energy is Strong

For the past few weeks, we have monitored Energy stocks for potential entries. Accordingly, two energy stocks have been on our radar lately, as we consider adding to and/or starting new positions.

Energy Stocks – Cycle Turning

Most energy stocks in the S&P500 SPDR XLE reflect similar momentum as the sector chart depicts. We look to enter new positions as a cycle continues to show bullish follow through.

XLE Sector Energy Stocks

Stocks in this group will most likely continue higher as news in the Middle East heightens concern about supply disruptions.

Conoco Phillips (COP) was on a previous watchlist. It is presently +3.30% above the buy point. Relative strength to the SPX in the upper panel remains significant. Many of the stocks in the group show similar strength. As a result, we anticipate many of these stocks will continue higher. Volume the past two days chimes in at over 22 million shares, a huge bump in average daily volume, that produced two pocket pivots as a result. Earnings are in two weeks.

COP Energy Stocks

Chevron (CVX) is worth a look as it trades right near a buy point. This stock is about to enter the Kirby above these levels, which could initiate a quick move towards the mid-120s.

CVX Energy Stocks

MACD is above its signal line and climbing back above the zero-line. Profits and sales are good, with earnings scheduled for Aril 27. This would be a short-term swing. We would sell prior to earnings.

Canadian Natural Resources (CNQ) is well off 52-week highs. 37.00 (+/-) is our target going into earnings the first week of May.

CNQ Canadian Natural Ebergy Stocks

Futures are (-21.00) off, trading at 2632.00 as we near the opening bell.

We will start the LIVESTREAM broadcast at 9:20 AM to discuss these and other topics in addition to some potential entries. See you shortly.

Happy Trading,

Vinny



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Vinny Gambini

Trade Fundamentals w/ Technical Analysis - CANSLIM method using high probability setups and Ichimoku Trend Analysis. Architect, Family Man and Father of three.