Conoco has clearly put Exxon to shame since the summer with its notable outperformance in the large cap integrated energy space. Earnings are scheduled for Halloween on Thursday. And when we look at the updated weekly chart below, note the purple lines denote that symmetrical triangle we had observed many times before.
However, price has now arrived at prior highs, and I suspect supply or resistance will begin to assert itself, meaning buyers who found themselves trapped before the heinous 2008 crash will now be interested sellers. Of course, as we have seen this year, an overshoot is a distinct possibility on earnings. Instead, I am referring to the picture going forward the next few weeks and even months.
I think the Conoco/Exxon spread now begins to narrow.
Please click on image to enlarge
________________________________________________________
Wow, Do you sleep?
Can’t have it both ways ; sleep , vacations , hobbies ,……I could make a very long long list of fun things and profitable trading doesn’t mix . Often times we kid ourselves into believing that we’re enjoying ourselves just as much as the sap next door , but were not . Even serious health problems , diabetis , coronary desease , family problems……..forget about it ; the marlket comes first . It sucks , but it is what it is .
Wasn’t watching it today but I see BDBD finally busted out. Nice call on that one.
Thanks, JP!