Finally, the positive pages are littered with oil and Natural Gas stocks! Not just showing up, but breaking out to new highs. Fred Flinstone was yelling Yabba-Dabba-Doo when this oil was being created in the reservoirs! This looks like another opportunity to be cheering along with Fred.
Seeing nice broad reaction to the inventory data this morning is rewarding in multiple ways. For those following these blogs and webinars over the past couple of months, we have been discussing why it is important that the energy stocks break out now. I will cover that off in full color on the Commodities Countdown Live Webinar 2016-09-08.
This is a critical place on these charts in terms of resistance and many stocks were pushing above resistance today. If we look at the change in SCTR's over the last 28 days. we can see the Canadian Energy sector has the most green boxes in the bottom left.
Again, I'll be covering a lot of the energy information today in the Commodities Countdown Live Webinar 2016-09-08.
As a reminder, Chartcon 2016 is coming to you via live stream broadcast in only 2 weeks! Rather than have customers spend all the money to travel to the event, we have arranged for all the technicians to gather in one location and broadcast from there, saving you thousands of dollars. It should be a fantastic couple of days with a tight synopsis of the markets from an award winning Technical Analyst crew. You can register for this event for under $200 and have access to the recordings. Chartcon 2016.
Next, I will be presenting in person at Golden Gate University in September if you are in the area.
September 20th, 2016 @ 4 PM
Golden Gate University. Rm 3214
536 Mission Street
San Francisco, 94104
Cost: Registration is $10 for MTA members and $20 for non-members
You can register through the TSAA-SF website. Click here.
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Good trading,
Greg Schnell, CMT, MFTA
