Energy stocks populated the MarketSmith Blue Dot scan Tuesday evening, as relative strength touched more stocks in the industry group.
Summary
IBD stock screens are regularly updated to add new stocks to watch, as well as weed out those that have started to show weakness. The MarketSmith Blue Dot scan is monitored daily for stocks to watch, in addition to candidates from the IBD 50, IBD Sector Leaders and the IBD Big Cap 20.
Diamondback Energy (FANG) was added to the IBD Big Cap 20 watchlist and Stock Spotlight watchlists on Tuesday.
MarketSmith Blue Dot Scan – Energy Stocks
The MarketSmith Blue Dot scan for Tuesday evening produced eighteen candidates featuring three stocks from the oil & gas exploration and production industry groups.
The RS Line Blue Dot feature combines the relative strength line with MarketSmith Pattern Recognition. When a stock’s RS line hits a new high, while the stock is forming a base or breaking out, then the Blue Dot appears on the MarketSmith weekly chart.
Marathon Oil Co. (MRO) caught an upgrade on Tuesday sending the stock to a new 52-week high. Price action accelerated higher after Citigroup raised their price target on the stock from $17.00 to $20.00. The stock closed at $17.61 on RVOL of 1.5 x volume, nearly twice the normal volume intraday. RS Line line rose to 97.
Whiting Petroleum (WLL) stock surged nearly 3% higher on Tuesday as its Relative Strength (RS) Rating rose to a new 52-week high. Earnings and sales, in the left panel, are projected to increase markedly in 2022.
Energy stocks have been rallying in recent days as oil & gas related stocks rotated into favor. Financials, retail and materials stocks also saw continuous rotation on Tuesday while growth faded as investors took profits.
When looking for the best stocks to buy, one scan we monitor closely follows is relative price strength. The MarketSmith Blue Dot Scan makes this easy.
Join us today in the trading room for our LIVE broadcast during market hours, as we discuss these MarketSmith Blue Dot Scan candidtaes while navigating the current environment. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
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