Oil Stocks Looking Good

Posted by Joe Duffy | Jun 26, 2023 | Joe Duffy's Trading Advantage | 0 |

The general market looks iffy as I said last week, when I wanted to just stand aside after participating in a handful of basic Dow stocks that moved up nicely. Monday June 26 though, I will look to take some long positions in the oil stocks. Attached is the chart of Chevron.

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I like OXY and SLB as well as other names in this sector. The sector has digested gains for more than 6 months, without any real significant selling. The charts are looking good. RSI 10 on the daily is oversold. The bigger weekly trend is up. Calls can work, but personally I will be looking at a bullish credit spread in case the rally takes more time to develop.

Thanks,

Joe

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Joe Duffy

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