Wrap – Week Ended 5/13/11

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19 Responses to “Wrap – Week Ended 5/13/11”

  1. 1
    zman Says:

    President Obama to encourage more drilling …really?

  2. 2
    Jerome Blank Says:

    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….   

  3. 3
    Zorgnak Says:


    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


  4. 4
    Jerome Blank Says:

    Hi Zorg , see anything interesting on your end…
    Windriver, 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  

  5. 5
    zman Says:

    Pati – thanks for bird dogging that issue.

  6. 6
    zman Says:

    re 4 – hey JB, did you look at AREX and REXX?

  7. 7
    mimster90 Says:

    thanks JB voted

  8. 8
    Zorgnak Says:

    XLE  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.

    75.55              Acceptance, Major CHVN
    72.72              Support, Major CLVN 

    CHVN = Composite High Volume Node = Acceptance/Congestion

    CLVN = Composite Low Volume Node = Rejection



  9. 9
    Zorgnak Says:

    #4 Hi JB…just taking a look now…will take a look at your charts as well

  10. 10
    Jerome Blank Says:

    Good 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…
    Still 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….

  11. 11
    Jerome Blank Says:

    mimster, thank you…

  12. 12
    Zorgnak Says:

    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
    80.50 Resistance, Minor CLVN
    78    Acceptance, CHVN
    76.86 Support, Major CLVN, January Breakout

  13. 13
    zman Says:

    Thanks much JB, Zorg.

  14. 14
    Zorgnak Says:

    CLB 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.
    96 Acceptance, CHVN
    94 Resistance,CLVN
    92 Support, CLVN
    91 Support, CLVN
    89 Acceptance, Major CHVN

  15. 15
    Zorgnak Says:

    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.
    Prices 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

  16. 16
    john11 Says:

    SD got a favorable Barron's write-up this wk-end.

  17. 17
    choices Says:

    BTU has write-up in hard copy Forbes re: expansion into China-trying to find link.

  18. 18
    skimo Says:

    BEXP update. Accelerates drilling plan and capital spending. Another press release for $250 mm debt offering to more than cover spending increase.

  19. 19
    RB Says:

    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

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