Energy Surges To New Two Year Highs


The price of oil closed above all the weekly closing highs for the last two years to kick off November. West Texas climbed on Friday above all the intraday highs and all the daily closes to put an exclamation mark on the breakout. A weekly close is more important than a daily close so Friday's action was a big positive for energy related trades.

These gains also showed up in some of the large cap energy names with COP, COG, SU, CNQ all pushing to new multi year highs this week.

Heating Oil and Gasoline both made fresh two-year highs as well. Here is the Heating Oil chart.

Here is the Gasoline chart.

The FRAK and CRAK ETF's continue to move higher. The move is showing up across the energy space. This is a great breakout for Crude oil. We want to see it consolidate with a couple of weeks of gains and close at this level.

The more global price of oil ($BRENT) gave us some clues a few weeks ago that there was enough upward pressure.

If you would like more commodity related stories, check out the Commodities Countdown blog.

Good trading,
Greg Schnell, CMT, MFTA
Author of Stock Charts for Dummies (Pre-order now, available January 2018)
Author of Stock Charts for Dummies (Pre-order now, available January 2018)

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
Subscribe to ChartWatchers to be notified whenever a new post is added to this blog!
comments powered by Disqus