Energy

It's an interesting time in the energy space.  It's looking more and more like at least intermediate term bottoms have formed.  Let's take a look.

For two months now the XLE has danced around the 200 week MA.  For the first time in months, we've finally popped above the 10 week.

OAS has some beautiful price action.  Kick off gaps like the one today are more glorious than Tom Brady in the 4th quarter of the Super Bowl.  I'm long.

Here's a handful of names i'm watching in the space.  We're seeing an interesting mix of false breakdowns and stalling at resistance.

APC stalled out at resistance in this wedge.  They reported earnings tonight and price dipped.  The action tomorrow will be telling.

CLR has seen a very nice move off the lows, but today was bound by an upper boundary line and doji'd.  Also note the bearish RSI divergence popping up.  

 COP took a look above this descending triangle this afternoon.

PXD found resistance at the wedge's upper boundary.  

HES broke it's wedge lower on earnings before storming back.  If we break that wedge resistance line, that might signal a monster rally is shaping up.

HP appears to be a classic false breakdown with a bull RSI divergence.  Going back a few years, this 60 area has been a MAJOR pivot.

MRO tried to break lower Thursday and didn't.  Monday it broke the wedge higher.

One final thing worth noting is how much attention these nearby falling 50 day MA's are likely to receive.  This might be a case where they are so blatant everywhere, that it's worth ignoring in the coming days.  

Thanks for reading!  Trade 'em well!