22
Apr
Wrap – Week Ended 04/20/12
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.
This entry was posted on Sunday, April 22nd, 2012 at 10:10 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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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%?.
April 22nd, 2012 at 11:12 amre 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.
April 22nd, 2012 at 11:16 amS&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
April 22nd, 2012 at 12:52 pmXLE Weekly
April 22nd, 2012 at 1:48 pmExpect 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
E&P Group
April 22nd, 2012 at 1:49 pmExpect 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
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.
April 22nd, 2012 at 1:50 pmhttp://www.charthub.com/images/2012/04/21/Stock_Weekly_7.png
BTU
April 22nd, 2012 at 1:53 pmHigh 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
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
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.
April 22nd, 2012 at 1:54 pmhttp://www.charthub.com/images/2012/04/21/Stock_Weekly_11.png
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
April 22nd, 2012 at 1:55 pmhttp://www.charthub.com/images/2012/04/22/Stock_Weekly_2.png
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
SU Support/Resistance 29.74/32.31
April 22nd, 2012 at 1:56 pmhttp://www.charthub.com/images/2012/04/22/Stock_Weekly_1.png
SM 25% free fall from YTD highs.. Consolidating above minor support at support at 63.53
April 22nd, 2012 at 2:11 pmfar support at 60.87. Earnings outlook?
http://www.charthub.com/images/2012/04/22/Stock_Weekly_1_5.png
Barrons has a longer term bullish guess on nat gas -a short piece. Also a full page bullish on DVN.
April 22nd, 2012 at 6:43 pmThanks for all the charts Zorg , thanks RMD, I might run out and grab a Baron's just to read the NG piece.
April 22nd, 2012 at 7:11 pmAlso in Barrons this weekend, an article from Thursday recommending RRC and KBR to capture an eventual turnaround in US natgas:
April 22nd, 2012 at 8:38 pmhttp://online.barrons.com/article/SB50001424053111903835404577354203438713984.html?mod=BOL_hps_oe
Thanks, Zorg, for your work and charts.
April 22nd, 2012 at 10:03 pmOT-Japanese debt-scenario looks familiar:
April 22nd, 2012 at 10:32 pmhttp://blogs.cfainstitute.org/investor/2012/04/19/the-japanese-debt-crisis-has-japan-passed-the-point-of-no-return/
# 15 & 17 You are most welcome…
April 23rd, 2012 at 5:49 amRe# 10 BCEI adjust support to 19.64
April 23rd, 2012 at 6:34 amS&P 500..testing support at 1360.25 in the O/N session…
April 23rd, 2012 at 6:37 amCLNE….thanks Z for charts….see CLNE reports 5-7 AH…..will be before WPRT…..
April 23rd, 2012 at 7:17 am