XLE continued to move higher yesterday after oil touched $95 per barrel but then pulled back.
SLB had a modestly green day but LNG was the big winner, up 2.1% and closing at $168.94 and back at the top of the recent range.
LNG is targeting the recent high of $170.57 and if it gets there with good volume I like the chances for a push to $176.
RIG paused and pulled back a bit but I like it to continue on towards $8.80.
Shifting to the semiconductors, SMH is the ETF I like to track, and it has bounced firmly off of $140.
Targeting $150 next, it will be tough for shares to get above this level and I think will prove to be a real test.
AMD made a massive move after bouncing off of the bottom of the wedge it has been trading in since June.
Now nearing the top of the wedge, if it breaks out to the upside, which would be above $105, we could see the entire sector make a move higher.
NVDA is also looking interesting. Currently forming an expanding triangle after bouncing near $410. We could see another attempt at $500 if markets turn around in October. Something to watch.
I hope you’re enjoying these morning updates as much as I enjoy making them.
Let me know in the comments below and have a great day trading!
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Have a great week of trading!
This service is for general informational and educational purposes only and is not intended to constitute legal, tax, accounting or investment advice. These are my opinions and observations only. I am not a financial advisor.
Energy is Moving Up, Semis Too?