This video provides a comprehensive overview of crude oil, the energy sector (via XLE) and over a dozen of the top components of XLE. Numerous trade ideas, including objective entry points & price targets on USO, XLE and some of the most attractive trade setups on individual energy stocks are covered. The video begins with the outlook for crude oil & USO (crude ETF), followed by coverage of XLE & over a dozen of its top components.
the EOG short has now hit it's final target zone (T2) for an 11.7% gain from entry. consider taking full profits or at least lowering your stops. this trade will now be moved to the completed trades category. charts in reverse order as posted, with the most recent first:
for those in the trade, be aware that EOG is approaching the top of the 2nd, and final, target zone. although my preferred target is the bottom of this particular target zone, when i use target zones vs. the usually single horizontal line, that means that the odds of a bounce begin to rise significantly as prices hit the top of those zones. therefore, anyone short and holding out for the bottom of the zone (most likely bounce level) should continue to monitor this trade, along with the broad markets, for any signs of a reversal. a simple strategy would be [...]
EOG was recently posted as a short at 114.35 (pre-breakdown). looking at the chart today, i have made a slight adjustment to the lower trendline which puts prices back inside the wedge. currently, the trade is down slightly at 2.2% from entry so if you are short the stock, consider a stop above the 121ish level if that is within your normal stop parameter/comfort level. a break above that level would take the stock to new 52 week highs while currently, the stock is still looking a double-top/potential triple-top around that level. this will also be added back as a trade [...]
the EOG short trade (click here for original post and chart) has now clearly broken below that rising wedge that i had posted which increases the odds of at least T1 being hit. however, T2 is my preferred target on this trade. original and updated chart below.
chart pretty much says it all except to mention that EOG put in the bearish engulfing candlestick just pennies shy of challenging it's multi-year high. while anything is possible, i would be surprised if this stock has the energy to break-out and hold a new high before pulling back or at least consolidating for a while. i think the R/R on a short here with a stop on a solid close (maybe even 2 days) above that recent high is pretty good. first target (not shown below) around the 107.60ish area but i will update some additional targets next week if/as [...]