Don't Ignore This Chart!

The Canadian Energy Market Shows The OPEC Fallout

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This intraday chart shows the drop on the OPEC announcement.

With crude oil down hard into the high $70 level ($70.91 at time of writing) and the Toronto Stock Exchange moving marginally on the news (-40 on an index at 15000) it might be a contrary time to look for energy plays that hold up well over the next few weeks and months. It won't take much to push crude into the high 60's which should start to set the desperation level at exhaustive. 

Good trading,
Greg Schnell, CMT

 

 

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com 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
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