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.
APC, monthly
RIG, monthly
SDRL, monthly
Summary
*no time to list the daily charts as well.. and besides, the monthly charts are what I consider more important right now.
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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.
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Key initial targets...
APC: $78
RIG: 19/21
SDRL: 9/10
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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.
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*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.