PWE T3 Hit, Pullback In Crude & Energy Stocks Likely

PWE daily April 16th

PWE daily April 16th

PWE (Penn West Energy Ltd) has hit T3, which was the final swing target, for a 31.3% gain in just 5 trading sessions. Swing traders should consider booking full profits on PWE as crude oil is also at resistance, further adding to the case for a near-term pullback in PWE.

T4 at 3.87 remains the final target for the Long-term Trade but with that being said, longer-term traders might also consider booking partial or full profits with the intent to re-enter on a pullback or at least raising stops as once again, the odds for at least a pullback or multi-week consolidation on PWE are extremely high right now IMO.

I believe the PWE, along with the majority of energy related stocks are likely to pullback soon as several of the names that I'm trading & following are at or near targets/resistance levels while quite overbought in the near-term. Additional, crude oil (via USO) is now that the target that was discussed in the recent market overview & trade idea video (more on crude later). Active/aggressive traders might consider a short here on PWE (trading around 2.60 now) for a pullback trade with the appropriate stops & target based on your own trading style. I think a pullback to at least the 2.30 within the next week or two is likely.

click here to view the live, annotated daily chart of PWE

2017-03-08T21:20:32+00:00 Apr 16, 2015 2:24pm|Categories: Completed Trades - Long, Long-Term Trades- Completed|Tags: |Comments Off on PWE T3 Hit, Pullback In Crude & Energy Stocks Likely