KMI - energy stocks under pressure

Whilst the main market continued to trade in minor chop mode, there was very significant weakness in energy stocks. Kinder Morgan (KMI) settled -3.7% @ $19.58. Old resistance of the $19 threshold is now first support, and in theory.. should hold.


KMI, daily

KMI, monthly

Summary

With WTIC oil unable to hold the psy' level of $40 today, it was no surprise to see energy stocks getting trashed.

KMI is one of the more stable stocks, but was still hit pretty hard.

From a pure price perspective, having broken through key resistance of $19 in early July, and quickly moving to the 22s, we're now effectively back testing the breakout level.

Bullish KMI, unless a daily close <$19. If the 19s are held... then next upside target is 25/26... certainly viable by year end.

I would only be outright bearish KMI on a break under the monthly 10MA, currently in the $18.30s.