The Canadian Technician

Energy Bullish % Index... New Buy Signal?

Greg Schnell

Greg Schnell

Chief Technical Analyst, Osprey Strategic

Well,

It's be a couple of weeks from the market bottom. A buy signal should be showing up on these charts. I want to caution about how things may fall apart after Options Expiration on Friday. But so far, things look solid.

  $BPENER

We have moved well outside our oversold zone. This is currently above 50% so that is bullish.

Notice how when the MACD has a deep swoon, that is a great place to look for buys.

Lets zoom in on the recent months here.

$BPENER short term

Oil hardly pulled back even when the overall commodities were pulling back. The $USD reversed intraday and oil took off and soared higher. Gold moved up but was still down on the day. Seeing this strength in oil, points to some solid places to invest.

Trilogy, Tourmaline, Cenovus, Open Range, are all looking strong.

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Good Trading,

Greg Schnell, CMT

Greg Schnell
About the author: , CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More