14
May
Wrap – Week Ended 5/13/11
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President Obama to encourage more drilling …really?
May 14th, 2011 at 7:17 pmhttp://www.nydailynews.com/news/politics/2011/05/14/2011-05-14_president_obama_will_increase_oil_and_gas_drilling_in_the_us_in_attempt_to_lower.html
CXPO caught my eye this morning, could be not much but….CXPO has an interesting chart, holding up well last week and bouncing on a vol uptick off the bearish daily descending triangle trendline support zone, nearterm major resistance is back up at $4 which also corresponds with 100 day SMA resistance, could pullback and consolidate if it rallies to here, but the price action makes me wonder if somthing is happening…you can see there is a huge wind-up on the weekly, worth wathcing CXPO going into next week, posted a new P&F chart which shows CXPO hodling its below trendline buy signal….
May 15th, 2011 at 8:25 amXOP
Closed Friday above important support at 56.25. Retested support Thursday and Friday with some evidence of
intra-day price and volume selling exhaustion . Pretty thin gruel for longs.
Subject to the general market, I'm expecting choppy sideways movement between
support at 56.24 and Acceptance at 60. Energy stocks have disappeared from the momo traders radar as the dollar continued it's uptick.
60.84 Resistance, CLVN
60 Acceptance, Major CHVN
56.24 Support, Major CLVN
http://www.charthub.com/images/2011/05/15/Stock_Composite2
May 15th, 2011 at 11:14 amHi Zorg , see anything interesting on your end…
May 15th, 2011 at 11:26 amWindriver, wvr.v added to chart list…
TPLM is at an interesting spot holding the 200 day last week and also holding on to long term P&F trendline support, dialing down to the 30 min, there is a managable consolidation triangle forming, could be staging to swing higher from here, worth watching going into next week
Pati – thanks for bird dogging that issue.
May 15th, 2011 at 11:33 amre 4 – hey JB, did you look at AREX and REXX?
May 15th, 2011 at 11:34 amthanks JB voted
May 15th, 2011 at 11:40 amXLE Trading in the lower end of it's trading range bounded by support 72.72 and heavy acceptance/congestion above.
Expecting choppy sideways trading, subject to general market. Maybe a #8 on the Beufort scale.
http://en.wikipedia.org/wiki/Beaufort_scale
75.55 Acceptance, Major CHVN
72.72 Support, Major CLVN
CHVN = Composite High Volume Node = Acceptance/Congestion
CLVN = Composite Low Volume Node = Rejection
http://www.charthub.com/images/2011/05/15/Stock_Composite2_2
May 15th, 2011 at 11:45 am#4 Hi JB…just taking a look now…will take a look at your charts as well
May 15th, 2011 at 11:46 amGood afternoon Zman, I liked the overall technical structure on REXX from last week, holding a promising consolidation triangle on the daily above the 200 day, the weekly still looks great and the P&F chart, although still on a P&F sell signal from the $10.50 print back in February is holding long term buillish P&F support and triggers a huge buy signal with trade above $13.50, I'm holding it from $12.30 and will do so until it breaks below long term P&F support…
May 15th, 2011 at 11:52 amStill thinking that the big wash out red day is still a risk from a macro mkt perspective, Friday's price action was generally disappointing for bulls, the macro mkt needs to break out of the recent highs, 1350 SPX to bring back some bullish "energy"…
Cautious on AREX, thinking key area to watch nearterm is $23, a $23 print puts AREX back into O's on the current sell signal, would not be comfortable long unless AREX holds its X's here….
mimster, thank you…
May 15th, 2011 at 11:57 amOII
On Friday OII was a strong out performer on a down day. It currently trades above acceptance when nearly all other energy stocks are trading below. Successfully tested prior breakout level at 76.86 and volume demand looks supportive of more upside. Little overhead from 80.91 to 84.50. Looking to add. Subject to general market.
85.45 Acceptance, CHVN
May 15th, 2011 at 1:14 pm80.50 Resistance, Minor CLVN
78 Acceptance, CHVN
76.86 Support, Major CLVN, January Breakout
http://www.charthub.com/images/2011/05/15/Stock_Composite2_3
Thanks much JB, Zorg.
May 15th, 2011 at 1:20 pmCLB Showing relative strength in the energy sector last Thursday and Friday. Previous breakout area at 90.92 rejected as too low and support at 92 held on Thursday and Friday. Prices on the 30 minute time scale are tightening above 92 support and volume demand appears supportive of upside from that area.
May 15th, 2011 at 1:36 pm96 Acceptance, CHVN
94 Resistance,CLVN
92 Support, CLVN
91 Support, CLVN
89 Acceptance, Major CHVN
http://www.charthub.com/images/2011/05/15/Stock_Composite2_4
CAM Last week tested YTD and weekly lows, 2010 breakout level and major CLVN support area around 47.50. Currently trading at the major acceptance level 49.32, above it's breakout point and above major support at 47.50.
May 15th, 2011 at 2:02 pmPrices are tightening and volume demand is positive or improving in all intraday time frames.
51.20 Resistance, CLVN
49.80 Resistance, CLVN
49.32 Acceptance, CHVN
47.50 Support, CLVN
http://www.charthub.com/images/2011/05/15/Stock_Composite2_6
SD got a favorable Barron's write-up this wk-end.
May 15th, 2011 at 10:18 pmBTU has write-up in hard copy Forbes re: expansion into China-trying to find link.
May 16th, 2011 at 12:18 amBEXP update. Accelerates drilling plan and capital spending. Another press release for $250 mm debt offering to more than cover spending increase.
May 16th, 2011 at 6:56 amhttp://finance.yahoo.com/news/Brigham-Exploration-Announces-iw-3942832051.html?x=0&.v=1
not sure my votes for JB are being registered….voted last nite and this morning and cannot tell the needle moved any on the count
May 16th, 2011 at 7:34 am