Whilst the broader market opened sharply lower there was notable strength in energy stocks (as Oil jumped). Anadarko Petroleum (APC), Transocean (RIG), and SeaDrill (SDRL), settled higher by 2.7%, 4.4%, and 2.6% respectively. The bigger monthly charts are offering a possible multi-year floor.
*no time to list the daily charts as well.. and besides, the monthly charts are what I consider more important right now.
Suffice to add... look at the monthly MACD (green bar histogram) cycles... all of which are ticking upward... from the giant collapse wave that began in summer 2014.
Key initial targets...
If those can be achieved by spring 2016... it does offer further upside across the rest of 2016.... even if Oil doesn't move much above $50.
*I am long RIG, the $17s look a reasonable target into January 2016... more broadly, 19/21 next spring... so long as Oil does not lose the $40 threshold.