22
Apr

Wrap – Week Ended 04/20/12

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We published this article on Midstates Petroleum (MPO) to Seeking Alpha on Friday after the close. 

Comments for the wrap will be incorporated into the Monday post.

 

22 Responses to “Wrap – Week Ended 04/20/12”

  1. 1
    Augusto Meoli Says:

    Zman – I am a little surprised that the oil services companies are struggling so much of late. The rigs count are is still growing. Shouldn't these companies be steady instead of being down 50%?.

  2. 2
    zman Says:

    re 1 – Good question, headed out to grab some sun, will address in the Monday post. 

    Also got an emailed Cline shale question, will address in Monday post as well. 

  3. 3
    Zorgnak Says:

    S&P500 Weekly
    S&P500 Last week the market continued large rotations through the low the volume zone from 1370 to 1386 (yellow area on chart) with the selling volume
     now dominating above the volume range pivot at 1377. Look for upside volatility to be  muted above 1377 with selling concentrated around 1383.
    1365 is downside acceptance with key short term support at 1360.25.  Major support at 1347.50.
    Demand volume is flat to negative. Breadth weak. POMO rising from negative to neutral. 10 Day price range neutral. VIX Daily and Intraday Neutral.
    No econ news Monday. Earnings and Currency main  tells.
    Expecting choppy downside bias.

    http://www.charthub.com/images/2012/04/22/ES_Weekly.png
     

  4. 4
    Zorgnak Says:

    XLE Weekly
    Expect XLE to consolidate above 68 after the down trend.
    Support/Resistance 68/70.25..gap above 70.25 with volume air pocket to 71.
    http://www.charthub.com/images/2012/04/22/Stock_Weekly_1_2.png

  5. 5
    Zorgnak Says:

    E&P Group
    Expect choppy consolidation above 31.50 Zman E&P Index and 51.61 XOP into earnings season.
    http://www.charthub.com/images/2012/04/22/Stock_Weekly_1_4.png
    Breadth still stretched to extremes in both the short and intermediate term.
    http://i1223.photobucket.com/albums/dd503/zorgnak/EP_Breadth.png
    Selling volume has flattened out, yet to be replaced by demand volume.
    http://i1223.photobucket.com/albums/dd503/zorgnak/EP_Demand_Volume.png

  6. 6
    Zorgnak Says:

    WPRT 36% haircut to major support at 32.
    http://www.charthub.com/images/2012/04/21/Stock_Weekly_5.png

    CLNE 25% off March highs. At price support but into volume gap. Could see flush lower to 17.50's on stop triggers and
    head and shoulders neckline at 18.30. Next acceptance lower at 16.47.
    http://www.charthub.com/images/2012/04/21/Stock_Weekly_6.png

    GLNG Found volume support at 35.35 bounced to overhead congestion.
    http://www.charthub.com/images/2012/04/21/Stock_Weekly_7.png

  7. 7
    Zorgnak Says:

    BTU
    High volume break of resistance at 29.80, ran to far resistance at 31. Pulled back to 29.80. A hold above acceptance
    at 28.60 would be a change of character for this one. No hurry…a world of congestion above.
    http://www.charthub.com/images/2012/04/21/Stock_Weekly_3.png

  8. 8
    Zorgnak Says:

    CLR High volume break of resistance ran to far resistance. Trading between support/minor resistance 84/86.75.
     Major value level above at 88. Far resistance 91.Long and short term
    demand volume positive. Long on the breakout, may add on pullback to 84.
    http://www.charthub.com/images/2012/04/21/Stock_Weekly_4.png

    KOG High volume bounce off support at 8.50 into congestion at 9. Near resistance at 9.35.
    http://www.charthub.com/images/2012/04/21/Stock_Weekly_9.png

    APC 20% off it's 2011 Highs at major support at 71. DeMark daily and weekly exhaustion signals.
    http://www.charthub.com/images/2012/04/21/Stock_Weekly.png

     

  9. 9
    Zorgnak Says:

    CIE Trapped longs above 28..
    http://www.charthub.com/images/2012/04/21/Stock_Weekly_8.png

    CRR Closed heavy on support at 86.48. Mind the volume gap below to 83.20.
    http://www.charthub.com/images/2012/04/21/Stock_Weekly_10.png

    TPLM Volume washout on 4/17?..major resistance at 6.47.
    http://www.charthub.com/images/2012/04/21/Stock_Weekly_11.png

  10. 10
    Zorgnak Says:

    BCEI Support 19.80
    http://www.charthub.com/images/2012/04/21/Stock_Weekly_12.png

    REXX Stretched to far far support….major acceptance above.
    http://www.charthub.com/images/2012/04/21/Stock_Weekly_13.png

    EGY 8.23/9.22 Support/Resistance
    http://www.charthub.com/images/2012/04/22/Stock_Weekly_2.png

  11. 11
    Zorgnak Says:

    NFX Vulnerable to the low 28s
    http://www.charthub.com/images/2012/04/22/Stock_Weekly.png

    SDRL Resistance 38.50. Closed at acceptance 37.73. Support 36.42
         Watch reaction from acceptance. Demand volume remains positive.
    http://www.charthub.com/images/2012/04/22/Stock_Weekly_3.png

    FTK Solid acceptance 12.10-12.25. Support 11.68
    http://www.charthub.com/images/2012/04/22/Stock_Weekly_4.png

     

  12. 12
    Zorgnak Says:

    SU Support/Resistance 29.74/32.31
    http://www.charthub.com/images/2012/04/22/Stock_Weekly_1.png

  13. 13
    Zorgnak Says:

    SM   25% free fall from YTD highs.. Consolidating above minor support at support at 63.53
       far support at 60.87.  Earnings outlook?
    http://www.charthub.com/images/2012/04/22/Stock_Weekly_1_5.png

  14. 14
    RMD Says:

    Barrons has a longer term bullish guess on nat gas -a short piece.  Also a full page bullish on DVN.

  15. 15
    zman Says:

    Thanks for all the charts Zorg , thanks RMD, I might run out and grab a Baron's just to read the NG piece. 

  16. 16
    nrgyman Says:

    Also in Barrons this weekend, an article from Thursday recommending RRC and KBR to capture an eventual turnaround in US natgas:  
     
    http://online.barrons.com/article/SB50001424053111903835404577354203438713984.html?mod=BOL_hps_oe
     
     

  17. 17
    choices Says:

    Thanks, Zorg, for your work and charts.

  18. 18
    choices Says:

    OT-Japanese debt-scenario looks familiar:
    http://blogs.cfainstitute.org/investor/2012/04/19/the-japanese-debt-crisis-has-japan-passed-the-point-of-no-return/

  19. 19
    Zorgnak Says:

    # 15 & 17 You are most welcome…

  20. 20
    Zorgnak Says:

    Re# 10 BCEI adjust support to 19.64

  21. 21
    Zorgnak Says:

    S&P 500..testing support at 1360.25 in the O/N session…

  22. 22
    milepost_43 Says:

    CLNE….thanks Z for charts….see CLNE reports 5-7 AH…..will be before WPRT…..

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