Oil and Gas stocks are breaking out from the big 6-month bases they have been building. Some of the juniors are moving faster than the majors. During the Canadian Technician Webinar 2016-04-19, I spent the vast majority of it going through Oil and Gas stocks. So here is a link to the webinar.
"The Canadian Technician LIVE!" with Greg Schnell - 2016-04-19 17:00 from StockCharts.com on Vimeo.
Here is a good example of 3 top ranked SCTR stocks. I didn't sort by volume, so these are junior E & P companies.
Delphi was a star running up to the oil market top. The SCTR disappears below a $1 as the stocks below $1 get too whippy. This causes the straight line between the two points.
Here is Tamarack Valley.
This next stock has a lower SCTR ranking , but the volume profile is particularly compelling.
Some of the Oilfield service companies are starting to move as well. This is the largest Canadian Oilfield Service company. It is still testing resistance. A breakout above here would be very bullish.
Here is Secure Energy Services. Once again, setting up just below the breakout level. These need to be on watchlists.
Savanna Energy probably describes the feeling in most restaurants in Calgary. A deserted feeling. But the charts suggests a beautiful base setting in. A breakout here has 300-400% upside over the next years to return to former highs. Someday.
A very interesting chart is Mullen Group (MTL.TO). I commented specifically about Mullen on the webinar. The Canadian Technician 2016-04-19. If you don't know about Mullen, I would encourage you to listen in on the webinar.
I need to end with Canyon Well Services (FRC.TO). I mentioned in the webinar that I thought they were debt free. Well, I was wrong. I checked the facts this morning and they have debt. So be aware. The chart looks excellent as a basing pattern. Today, it is pushing up.
So once again, The Canadian Technician Webinar 2016-04-19 has lots of commentary around the oil and gas stocks. This could be one of the better buy points in years for oil and gas stocks. I would encourage you to listen in to see if you agree.
In March during the Commodities Countdown Webinar 2016-03-03, I demonstrated how to set up these chartlists. I have embedded the video here.
"Commodities Countdown LIVE!" with Greg Schnell - 2016-03-03 17:00 from StockCharts.com on Vimeo.
It is free to click yes at the bottom of each blog if you would like to get them delivered to your email. For subscribers, you also have a complete set of blogs that are for your eyes only from different authors like Martin Pring and John Murphy. I would encourage you to take advantage of the wide breadth of articles on StockCharts. The authors have different styles and each one is more understandable if you continuously follow the authors work. Understanding how each author works is very important as the trading styles differ.
Of course, I'll be doing a Commodities Countdown Webinar 2016-04-21 on Thursday. The Canadian Technician webinar 2016-04-19 focused on Canadian stocks but my Thursday webinar will be all about the American Oil and Gas stocks. I hope to briefly cover off Lithium and Uranium related trading ideas as well. If you have not set up your oil and gas chartlists, follow the webinar embedded above and we'll see you on Thursday.
Lastly, follow me on twitter @Schnellinvestor. I post periodic charts there. Late yesterday was a small Bombay Stock Market Breakout of the trend on $BSE.
Good trading,
Greg Schnell, CMT, MFTA.
