by Gary S. Morrow | Jun 26, 2019 | Market Update
COP is having its best day of the year. COP is surging over 5% today following an upgrade(Mizuho goes to ‘buy’). This powerful move is driving the stock to new June highs as the rebound off the June lows stretches to 10%. COP is setting up well for more...
by Gary S. Morrow | Jun 26, 2019 | Market Update
The OIH(VanEck Oil Services ETF reaches new June highs. The OIH is trading at new June highs today. The index is up over 3% as it extends the rebound off the May/June lows to 13%. Major support near $13.00 is shaping up as a double bottom. This area marks the December...
by Gary S. Morrow | May 31, 2019 | Chart of the Day, Charts
Crude($USO) is heading for its second straight weekly loss of over 6%, the two worst weeks of 2019. The USO will also finish out this week below the declining 40 week moving average, the first weekly close below this MAV since March 15th. Needless to say, overhead...
by Gary S. Morrow | May 23, 2019 | Chart of the Day, Charts
Crude is blowing out near term support this morning. The USO(United States Oil Fund) is off nearly 5% and is heading for its biggest single day loss of 2019. With loads of overhead supply now in place(all of the April/early May range) as well as a declining 200D...
by Gary S. Morrow | May 14, 2019 | Chart of the Day, Charts
Is Haliburton putting in a major double bottom? Just maybe. The stock extended its drop from the April peak to a 25% sell off this week. This steep decline drove shares back down to the December 2018 lows. Today HAL is rebounding. Its up 3.8% at mid day and is a...
