Is the oil mania going to be back yet?? or will all the major oil companies fall back from the previous resistances like they have done before? Something to watch out for when a whole lot of big cap names are forming a similar congestion pattern waiting to come out of it... Some of the favorites that are forming a bullshit pattern as of now are Chevron (CVX), Exxon Mobil(XOM), ConocoPhillips(COP), British Petroleum(BP)... charts of which are shown below:
Chevron Corp. (CVX):
Exxon Mobil (XOM):
ConocoPhillips (COP):
Keep an eye on all these.. Because if they all move in tandem it could well be a 5-7% move in a day if they breakout... Something to have on watch-list for a quick traders...
Apart from these quick punts, defensive names like Johnson & Johnson (JNJ) and Procter & Gamble (PG) are on the watch list as well for a fresh leg of buying interest..
Happy trading!!
Interesting blog name, Jamsaheb;)Do you think the uptrend for COP in the 1st quarter of 2011 can be attributed to its divesture and as a result sitting on a pile of cash?
ReplyDeletePossible and It could even be on the back of higher dividend expectations, which cannot be ruled out....
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