The market is showing signs of life again, the Professor and I were bullish last week and made some really great trades, you can read about that more here and here. Coming into this week, I think we’ll have another good one as confidence returns to the market.
Now oil has had a nice pullback after a big run, and we’re coming into a major support level. So I like oil stocks at these levels. There’s a few of them that I like, and I’ve taken a position in one of them. The ticker is PUMP! I made this trade Live Yesterday in Master’s Club, and it’s already moving higher!
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Oil and oil-related stocks have been on a tear this year, but over the last few weeks, we’ve seen a significant pullback! We have to have these big pullbacks in bull runs, just to shake the tree and see who’s involved, test the holders, and get rid of the weak hands! The market needs to test their resolve!
I don’t think that oil just continues to fall apart. I think that there’ll be a bounce, and we’re coming into a nice support area here in the XLE.
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The $70 area is a major level of support, and after a 20% pullback off the highs I think we could see a nice bounce in this area!
I like the oil stocks. OXY is one of my favorites, and Warren Buffet has loaded up as well, buying a whole bunch of shares. The Oracle now owns more that 16% of the company.
Daily Chart of OXY, I like it at these levels against $55 support area
FANG is another one I like. Its down from 160 to 120 into a major support area, I think this could be a great trade location!
Don’t miss these trading signals.
Daily Chart of FANG. Given how much it is down, I think it has significant bounce potential in that it is a more volatile stock
But my favorite of the lot is PUMP! It had a run from $8 to $16 and has since pulled back below $10.
I’m keeping it pretty simple with PUMP and just buying straight-out shares here. I got in at $9.94.
Don’t miss these trading signals.
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Daily Chart of Pump, after one day it is already up more than 20c from the entry I made Live in Master’s Club
PUMP can have some quick 10 to 20% moves given its low price and volatility. So I’m just going to hold this one for a while, a few days or weeks even! My stops will be below the recent pivot lows, below $9.
I’ve been patiently waiting for a pullback in oil stocks and have finally found a support area where I think we can have a nice bounce!
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