Oil and Gas Stocks Outlook for Thursday, October 12
Oct 12, 2017 Trading Blog
Sorry for the lack of posting, but there really just hasn’t been much to say over the last week. It’s just been a sideways grinding market that is consolidating the gains of the last couple months. Yesterday was another quiet one, with a 53 cent range and a bit below average volume of about 10.6 million.
I am encouraged with the action in the bigger picture after seeing the XOP make a nice recovery Wednesday down around the lows for the week. I began the week thinking maybe we roll over and test that 50 day moving average, but it just hasn’t happened that way. I’m beginning to think the consolidation may not pull back as much as thought and we could have room to break to the upside and make a run at the 200 day moving average around 35.
Outlook for Thursday: Not much to say here other than what I said to begin the week. Just sideways grinding consolidation. We could get some volatility around the EIA number this morning, but I’m not sure if that will even take us out of this tight range.
Trading Plan for Thursday: Honestly, I’ve been trading other things over the last couple of days while this sector consolidates. Sometimes you have to step aside and go where the action is. This morning I will be hoping for a poor EIA number and will be looking to buy any dip off that. I would really like another shot at the 33.45 mark for a long with a stop under Wednesday’s low.
Weeks like this are really difficult for daytraders like me and are really difficult to write about. Sometimes there just isn’t much going on.