|
PureBytes Links
Trading Reference Links
|
Realtraders,
For those interested, I was looking at some of the oil stocks yesterday
(7/23) and noticed a potential bearish chart formation developing at the
present time. Specifically, as of yesterday, I owned ENSCO INTL (ESV) with
a entry at $49.25 and was stopped out yesterday at 61.25. What I found
interesting is that this stock has formed a near perfect ISLAND REVERSAL,
check it out. Therefore, I wanted to see if other oil stocks were also
confirming a potential reversal.
A few of the stocks that I found potentially worrisome are:
GLM
RIG
BJS
RDC
ATWD
EVI
ORX
Most of these stocks appear to have some form of classical negative
formations taking place, including exhaustion gaps and even a shooting
star. I also looked at the continuous futures contract for oil but did not
find anything definite other than the fact that oil has been trading down
since the beginning of the year.
Finally, on a positive note, Halliburton (HAL) just reported earnings
today and beat expectation by 1 cent. Those who have positions in this
area may want to do some further checking.
Hope this helps,
John Boggio
|