Energy Names are Green - Plus 2 New Trades!
OXY broke above resistance premarket, got the retest, and powered higher.
Markets are looking a little extended here but there are areas that look strong and have not had their respective big push higher.
The energy sector fits this description.
Take a look at the one-hour candles testing resistance during premarket hours all week only to break through during trading hours two of the last three days.
I mentioned the potential for big profits when you are early to a trade and energy is just starting to wake up.
Just today I started to hear more chatter about the sector on X and on CNBC. It is nice to be ahead of the game.
OXY broke above resistance and while the retest was sloppy, we got it. I like shares to continue higher to the first and possible second targets in short order.
And VNOM blasted through it’s 50-day simple moving average (SMA) after testing resistance multiple times.
I like both names and the sector overall to continue higher. I’ve made a couple of updates to the trade plans for both.
I also added two new names to the list.
Which reminds me. If you feel you have enough on your plate, don’t worry about trying to take all of these trades.
I’m providing a lot of trades right now because I see quality set ups. That does not mean you should try to take every single one.
The hope is that you find a few that work really well for your style and interests.
And that we all have profitable weeks!
Ok let’s get to those updates and new trade ideas. That’s what you upgraded for!
It is an odd pairing, no doubt. I’ve got CAT with a little over a week before earnings and DDOG giving us a prime set up.
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