The Canadian Technician

Pipeline Approvals And The OPEC Meeting Take A Chill Off Energy


The Canadian Energy sector got a major boost on Tuesday. The Canadian government allowed two existing pipelines to be upgraded but blocked the new pipe proposal from Enbridge. This announcement coincided with the OPEC meeting. This has created a significant move in the Canadian energy sector stocks.

The leaders list on the home page is dominated by energy related stocks.

At this time, we are still awaiting the OPEC formal typed up announcement as the rumours are driving the move in crude oil.

The sudden surge today really changes the month end chart data for the energy sector, oil and the commodities. I will have more on that on the Commodities Countdown Webinar 2016-12-01. I also covered off some of the pipeline stocks after the announcement on Tuesday. There are related areas including other oilfield supply stocks on The Canadian Technician Webinar 2016-11-29

Good trading,
Greg Schnell, CMT, MFTA.

Enjoy this article? Hear more from Greg Schnell at

August 10th & 11th, 2018

See how the experts are protecting themselves from market volatility and reducing risk in uncharted waters

Join us online this August for two full days of investing insights, charting wisdom and market commentary from the industry's leading technicians. Streaming live wherever you are, you'll learn exactly how the experts are navigating the market's changing tides and remaining profitable in all conditions.

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
Subscribe to The Canadian Technician to be notified whenever a new post is added to this blog!
comments powered by Disqus