Commodities Countdown

Is This A New Commodities Comeback?

Greg Schnell

Greg Schnell

Chief Technical Analyst, Osprey Strategic

Commodity related stocks are rallying this week after a significant blood letting for all those who hold long positions in the area. After crude oil broke its 1-year trendline, and Natural Gas tested the bottom of the range, all of the ratios have significantly improved this week. Using some of the same charts I used on Monday's get ready article, we can see a significant improvement already.


Here is the USO chart.

Even stocks like First Solar are bouncing above long, make that very long, down trends.

Companies like Apache have nice positive divergence right here. APA is very close to breaking all sorts of trend lines on every indicator. Interesting to watch.

Tellerium (TELL) is the top of the heap on the SCTR ranking. Great chart!

The entire exploration and production group is really starting to rally. The SCTR's have improved significantly.

Here is a screen shot of the top of the SCTR rankings. For non-members, you can sign up for a free one-month free trial to see the whole list. Free one month Trial of Stockcharts.com Looks like a great time to do some very profitable research on the list. 

For members, I will be focused on showing some of the most interesting E&P charts on Thursday's Video recording. Feel free to check out the Commodities Countdown Video Recordings.

Good trading,
Greg Schnell, CMT, MFTA.

 
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