Oil Stocks: Ken Norquay, Bill Carrigan, Technical Investing
Ken Norquay, partner, Castlemoore Inc
ENCANA (NYSE:ECA TSE:ECA): it has gone up and about half through last year it peaked..now sideways path..this one is not in an uptrend..now we are approaching old high..resistance..one reason to sell is when it gets to resistance..
TALISMAN ENERGY (NYSE:TLM TSE:TLM): good solid uptrend..overall market peaked 2000, dropped 2002-2003..Talisman peaked early-2006..this one has been down for almost a year..if it breaks downtrend, watch for lot of volume..last uptick, volume is not there..if you do not own it, find something that is going up
CANADIAN NATURAL RESOURCES (NYSE:CNQ TSE:CNQ): this is one of those great ones to look back at..but unfortunately, topped this year and now it is wallowing..if your time horizon is over a couple of years, time to think about getting about..in last few months, resistance at low-$60s middle of 2005 and again middle 2006 and now here again..in short-term if breaks on large volume, can buy
PENGROWTH ENERGY (NYSE:PGH TSE:PGF.UN): this thing peaked in the summer and it has been dropping before Halloween..triggered another wave of selling..unfortunately for people who own Pengrowth..it is not going up..let us stay near the leaders..
Bill Carrigan, technical analyst, Getting Technical Info Service
On Oil Stocks
PETRO-CANADA (NYSE:PCZ TSE:PCA): if you want an integrated, advantage is if energy comes off, they benefit as well because of refinery..I would prefer IMPERIAL OIL (AMEX:IMO TSE:IMO) or HUSKY ENERGY (TSE:HSE) because of the downsloping..other two charts are not doing that
ENCANA (NYSE:ECA TSE:ECA): has been in a bear for a year..what you are doing is that you are shorting a short concluding a bear phase, not a good idea..you do have parallel trading range..could go to new high, consolidated for a year..I would not short Encana..I think Encana will probably break out..flat bears are pretty bullish..
BOW VALLEY ENERGY (TSE:BVX) was a laggard trying to break out..energy lagged so energy favorable right now..probably stay there..momentum climbing back up..
SUNCOR (NYSE:SU TSE:SU): had peak, then ABC correction..lows equal..wants to break out..whether make new high I cannot tell you..but stars aligned, group looks favorable..easy money has been made..long-term holds..costs going up, Alberta has new regime..could be some bad news..not going to be as easy as it was..good holdings still
ENCANA (NYSE:ECA TSE:ECA): it has gone up and about half through last year it peaked..now sideways path..this one is not in an uptrend..now we are approaching old high..resistance..one reason to sell is when it gets to resistance..
TALISMAN ENERGY (NYSE:TLM TSE:TLM): good solid uptrend..overall market peaked 2000, dropped 2002-2003..Talisman peaked early-2006..this one has been down for almost a year..if it breaks downtrend, watch for lot of volume..last uptick, volume is not there..if you do not own it, find something that is going up
CANADIAN NATURAL RESOURCES (NYSE:CNQ TSE:CNQ): this is one of those great ones to look back at..but unfortunately, topped this year and now it is wallowing..if your time horizon is over a couple of years, time to think about getting about..in last few months, resistance at low-$60s middle of 2005 and again middle 2006 and now here again..in short-term if breaks on large volume, can buy
PENGROWTH ENERGY (NYSE:PGH TSE:PGF.UN): this thing peaked in the summer and it has been dropping before Halloween..triggered another wave of selling..unfortunately for people who own Pengrowth..it is not going up..let us stay near the leaders..
Bill Carrigan, technical analyst, Getting Technical Info Service
On Oil Stocks
PETRO-CANADA (NYSE:PCZ TSE:PCA): if you want an integrated, advantage is if energy comes off, they benefit as well because of refinery..I would prefer IMPERIAL OIL (AMEX:IMO TSE:IMO) or HUSKY ENERGY (TSE:HSE) because of the downsloping..other two charts are not doing that
ENCANA (NYSE:ECA TSE:ECA): has been in a bear for a year..what you are doing is that you are shorting a short concluding a bear phase, not a good idea..you do have parallel trading range..could go to new high, consolidated for a year..I would not short Encana..I think Encana will probably break out..flat bears are pretty bullish..
BOW VALLEY ENERGY (TSE:BVX) was a laggard trying to break out..energy lagged so energy favorable right now..probably stay there..momentum climbing back up..
SUNCOR (NYSE:SU TSE:SU): had peak, then ABC correction..lows equal..wants to break out..whether make new high I cannot tell you..but stars aligned, group looks favorable..easy money has been made..long-term holds..costs going up, Alberta has new regime..could be some bad news..not going to be as easy as it was..good holdings still
posted by Spelunca at 10:30 PM
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