11
Sep
Wrap – Week Ended 09/09/22
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ZLT up 2% on the holiday shortened week. Traditional energy firmed while the renewables wedge of the portfolio outperformed.
Free Stuff Last Week: None but we'll have some this week.
Holdings Watch:
- Added to CRGY < $15 on a secondary deal induced dip.
- The blotter is updated.
Questions under The Wrap will be addressed in the Monday post.
Questions about the site may be addressed to zman@zmansenergybrain.com
Have a good weekend and never forget,
Z
Broad Market
September 11th, 2022 at 12:24 pmWeekly
Testing resistance/heavy supply.
https://ibb.co/b5TT4XN
Daily Broke resistance at the the confluence of the monthly and weekly value areas around 4019. Next upside target at previous acceptance at 4145. Looking for a pause around 4145. Value area highs, major downtrend line and 200 MA around 4332 if it gets that high.
https://ibb.co/7SC396N
65 Minute Once above the last week’s value 4019 area high there is little supply until 4139.
https://ibb.co/SvvxWxz
Re #1 Tailwind…Near record hedging activity has left dealers with a negative gamma exposure, which basically means dealers will have to BUY stocks to hedge their books should stocks decline further. With breadth trends positive it’s going to take a lot of selling to go lower in the short term.
September 11th, 2022 at 12:40 pmhttps://ibb.co/sgZfbD1
HT Seth Golden
WTI
September 11th, 2022 at 1:04 pmLong term up trend from 2020 broken. Price resolving into a choppy trading range above support at 81.76 (previous acceptance) and resistance beginning at at 86.42.
Weekly
https://ibb.co/QYYYR84
Daily
https://ibb.co/hFnBh3j
Nat Gas
September 11th, 2022 at 1:28 pmOversold setup at support on multiple time frames.
65 Minute. Found buyers above previously untested acceptance at 7.79. Additional support at 7.47
https://ibb.co/MBpHK73
Daily At value area and swing lows. 7.82-7.92
https://ibb.co/KjSVvTw
Weekly Coiling around previous major acceptance.
https://ibb.co/dk2Bk2L
Gasoline futures tested major levels of interest. Putting in the low here?
September 11th, 2022 at 1:38 pmDaily Bounced off major acceptance at 2.29.
https://ibb.co/bdRLJg8
Weekly Testing previously rejected long term value area/price volume base.
https://ibb.co/GJ6JLcN
XLE Uptrend very much intact.
September 11th, 2022 at 1:49 pmDaily Bounce where it needed to and broke above it’s value area highs. Demand volume increasing.
https://ibb.co/KXGtrmn
Weekly Previous acceptance at 86.55 next upside target.
https://ibb.co/bKSQjWY
OIH Back on trend and above value area highs. Low volume area above opens a potential quick move to resistance/supply at 258. Relative strength vs broad market on Friday.
September 11th, 2022 at 1:56 pmDaily
https://ibb.co/31jJVTs
XOP Needs to see a break above 145 or so to clear current congestion and retake uptrend line…
Daily
https://ibb.co/9ynhtwM
Weekly
September 11th, 2022 at 2:05 pmhttps://ibb.co/59RYsXH
SOLAR Top three performing stocks in the solar related industries are in the ZLT portfolio. Top three in the 70 renewable stocks I track are in the ZLT portfolio. 1 month relative strength.
TAN
Weekly Consolidating after the IRA bill news. Mid way through the longer term price/volume base. Demand volume supports a grind higher.
https://ibb.co/njBDD48
Daily Watching for a break above current value area high at 88.54 into the low volume zone to the 92.87 LVN/potential resistance. Beyond that level is the next major upside target at previously untested acceptance at 96.46. Demand volume and relative strength support higher.
September 11th, 2022 at 2:51 pmhttps://ibb.co/NxBzWrX
#2 re Weekly Gasoline chart
September 11th, 2022 at 6:20 pmhttps://ibb.co/WvYmMTr