Below is an updated look at our trading range screen for the 30 largest Energy sector stocks in the S&P 500. There’s a detailed description of how to read the screen at the bottom of the image, but basically, the dots represent where each stock is currently trading, while the tail end represents where it was trading one week ago. The black vertical “N” line represents each stock’s 50-day moving average, and moves into the red or green zones are considered overbought or oversold.
As you can see, every single stock in the screen has moved higher over the last week, with a lot of them moving from oversold levels all the way to overbought levels. Stocks like COP, EOG, PXD and NBL are all of a sudden pushing the upper limits of their trading ranges. You don’t see moves like this often, and we especially haven’t seen this kind of strength in the Energy sector in quite a while!
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