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