Wrap – Week Ended 06/10/11

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17 Responses to “Wrap – Week Ended 06/10/11”

  1. 1
    Jerome Blank Says:

    Good morning…the $NYMO closed at -67.93 on Friday, going into oversold territory now and the lowest level in quite some time, the two lower readings occured back in Nov 2010 and this past March, S&P P&F support at 1250 which corresponds with the 200 day SMA…

  2. 2
    zman Says:

    Thanks much JB.

  3. 3
    choices Says:

    Thanks for your continued chart work and comments, JB.


  4. 4
    choices Says:

    Interesting chart=flooding conditions in/near Bakken-click on any dot for more detailed local information-


  5. 5
    zman Says:

    Cool map choices, thanks. Lots of grey dots (no forecast) but much of the land around the Missouri river area (which cuts through Rough Rider) is seeing flooding.


    Click the above link and then click GIS map server on the left to see where all the rigs are at at present. You can zoom in from there to get data on any rig or well in the state.

  6. 6
    Jerome Blank Says:

    Interesting list of favorite stocks that remain on P&F buy signals, demonstrating longer term relative strength, the following are still in X's …CLB, COG, EOG, HERO, HK, SLB, SWN
    The following are on buy signals in O's…CRZO, CXPO, ECA, EGY, FTK, GMXR, HAL, KOG, LINE, MCF, NBL, NFX, PKD, ROSE, RRC, SD, TGA

  7. 7
    zman Says:

    Thanks JB, that's a lot of work, appreciate it.

  8. 8
    brodway Says:

    Concur on ECA. This chart has been very resilient at the 32 number. Tested it several times from mid April and has held stubbornly even throughout this pesky downturn. Showing signs of institutional buying, if nat gas takes off this one may never look back.

  9. 9
    brodway Says:

    GMXR seems very news dependant here. It was going well right before the earnings report and then completely lost buying interest since. It has long term support in the low 4 range and has bounced off the 4 1/2 range twice now once in February and then after the announcement. Through out Friday's session it bounced off 4.68 and has found some buying interest in here. Cheap enough to sit on for some time, but the downside seems limited.

  10. 10
    brodway Says:

    Oddly enough the NFX chart is almost a spitting image of the ECA chart showing strong support at 52, bouncing off this number what i've counted to be 6 times since mid March. This one has also not gone down to the early March lows indicading that there's buying in the name at these prices. I've owned this one several years back but got out when it ran up in 2008. Have not got back in, but have a feeling this may be an opportunity to do so before we see another major leg up. The long term chart is very productive and indicating long term bullish trends.  If you go back to 2008, the tops have been coming down, but so have the bottoms. I believe this is showing a long term bullish flag  formation.

  11. 11
    brodway Says:

    I apologize for the confusion, post 10 should say RRC not NFX.

  12. 12
    Zorgnak Says:

    "An economist is someone who has had a human being described to him, but has never actually seen one." —Anonymous

  13. 13
    zman Says:

    Brod – thanks much, read the first and was thinking "well that's odd, totally different kinds of portfolios, but yeah, I guess that could be the case" but RRC makes a lot more sense as to why they'd look same. Without looking I'd guess SWN, UPL could look similar to ECA as well.

    Zorg – ha, ha, thanks.

  14. 14
    West Says:

    Z from 152 on Friday, paid subscription.

  15. 15
    zman Says:

    Gotcha, what county was that?

  16. 16
    brodway Says:

    For those who follow other commodity type plays, POT looks to be forming a bottom. Very positive long term chart. POT has been a buying opportunity every time it retreated since October 2009. The 52-53 range proved to be support when it retested these lows May, which were first reached in March. It has been holding here even in spite or continued downward pressure in the overall indeces.

  17. 17
    brodway Says:

    Actually SWN and UPL are much more bullish charts. They have both broken to the upside of late and have made continious new highs since March/April. In fact, SWN is bucking the negative trend  and has retreated less than 5% off the recent highs.

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