After another OPEC /non-OPEC meeting where nothing was concluded, the initial reaction was a plunge in oil. On Monday, after the market opened, oil actually held in pretty well and forced early short positions underwater.
Today was a good day to do another quick look at the oil services stocks. There are excellent bases that look pretty solid. Breakouts from these bases would be the first signs of spring in a 2-year nightmare.
First of all is Precision Drilling. From a 2014 high of $14.84, the $6.30 level looks interesting.
Next is Savanna Energy. I particularly like when the SCTR has recently rallied above 75, then pulls back, then turns around and heads right back up there. Two-year high was well over $8.
Another interesting chart is Shawcor. The base is flat enough to serve dinner on the top. In the last few days, we broke out to new 6-month highs. Once again, the SCTR is starting to perk up. Two-year high was 58.85.
I will be rolling through the Oil and Gas stocks as well as the Oil Services stocks on the Canadian Technician Webinar 2016-04-19 Tuesday at 5 PM. Click on the link to register. There are some great setups and if we do get a meaningful pullback in oil over the next few weeks there are a few great looking charts for buying opportunities.
As well, on The Commodities Countdown Webinar 2016-04-21 on Thursday, we'll stroll through the Uranium and Lithium stocks. That should provide some nice looks at opportunities.
Remember to follow @Schnellinvestor on Twitter for other occasional charts. Once again click on the link to follow. Lastly, click the yes button below each author's blog that you would like to subscribe to. You will receive a copy of the blog into your email.
Good trading,
Greg Schnell, CMT, MFTA.
