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  • Smack-Down Central: Three Oil Stocks Ready Fall Hard 0 comments
    Apr 30, 2013 1:12 PM | about stocks: CVX, D, OXY

    Oil companies have been on an impressive run of late. Money, annoyed at yields on bonds and returns on CD's and saving accounts has been rotating into the stock market. For the safer investors and hedge funds, dividend paying oil stocks have been a favorite. That may change soon.

    The parabolic moves in stocks like Chevron Corporation (NYSE:CVX), Dominion Resources, Inc. (NYSE:D) and Occidental Petroleum Corporation (NYSE:OXY) are great examples. Both Chevron and Dominion Resources are at all time highs and threatening to shoot higher. A major pullback is looming for all three of these. Below I will list the master levels.

    1. Chevron Corp. is approaching a major inflection point at $122.50. This represents a cycle high pivot on the stock before a probable significant pull back. The last cycle pivots occurred at $110 in 2011 and saw a pull back to $86. In 2012 it happened at $118 and saw a pull back to $94.00.

    2. Dominion Resources has had an epic move straight up. Since early November 2012, the stock moved from $49.00 to a new all time high of $61.57. The master level here is $62.25. The pull back will likely be a 10% correction.

    3. Occidental Petroleum had some poor news recently. However, in this market that matters little. The stock is surging higher and has just taken out its 2013 high today. The master level is a double top from 2012 at $92.50. This represents a highly overbought point and major inflection price.

    Proprietary calculations mixed with beautiful trend line analysis give us amazing trades here. These oil stocks are ready for a smack-down.

    Gareth Soloway

    (click to enlarge)

    Stocks: CVX, D, OXY
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