Energy commodities are reclaiming critical levels. They’re outperforming their alternatives. And buyers continue to support a healthy demand for crude oil distillates.
What’s not to like?
Today, I’m drilling down to individual stocks, highlighting five trade setups I didn’t cover in last Wednesday’s What the FICC episode…
And these stocks look ready to rip!
First up is oil services. I like this group of stocks because the oil services ETFs $OIH and $XES are the strongest among industry groups.
Here’s Schlumberger LTD. $SLB, the $81B behemoth:
We highlighted SLB in early January in our Hall of Famers column. It's carved out a six-month base below our risk level since.
SLB has already broken out vs. the broader energy sector. I believe it’s only a matter of time before it breaks out on absolute terms.
I like buying SLB on strength above 60, targeting 88 by Christmas.
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