Oil and Gas Stock Daytrading Ideas for Monday, August 10
Aug 10, 2015 Oil Stock Scans
It was another week of pain in the energy sector and it doesn’t look like things are going to get any better anytime soon. My go to play has been a very generic XLE short every day, so I will probably be sticking with that next week. I do have a few long plays below just in case the sector turns upward. It’s always good to have a list of long targets when the tide turns.
Gaslog Ltd. (GLOG) – GLOG operates a fleet of 21 LNG ships. While I don’t see much long term future for this stock, it did form a very strong two day candlestick reversal pattern on very high volume, which could point to an oversold bounce higher. Look for a weak open for an entry and stop it out if it gets too far down into Friday’s candle. This becomes a stronger play depending on where an entry can be obtained. If the entry is low enough, the Friday low of day can safely be used as the stop.
Nordic American Tankers (NAT) – NAT operates a fleet of crude oil tankers. It has been on quite a run over the last couple of months and has now pulled back right to the 50 day moving average. I’m looking for a bounce off that 50ma. The stock closed at 14.87 on Friday with the 50ma sitting at 14.70. Look for an entry close the the 50ma and place a stop below the 50ma just far enough to stay out of the noise level. Great reward vs. risk trade.
PBF Energy (PBF) – PBF is one of the smaller refiners and it looks poised to break out soon. As the price of oil keeps dropping, the refiners should continue to rise as a group. The 32 level has been tested several times and price should finally get past that level this week. Look for an entry early Monday and stop it at Friday’s low. The 8 day moving average comes in at 30.95, with the 21 day at 30.80. Those two ma’s should provide solid support.
Imperial Oil (IMO) – I’ve had the Canadian oil companies on this list for the past week and they all just keep trending higher. SU and CNQ will also be plays, but those two may be due for a small pullback, which wouldn’t be a bad thing for a better trade. IMO sets up nicely with the 21 day moving average at 36.10. The stock closed Friday at 36.45, so look for an entry close to the 21ma and place the stop under the 21ma just outside the noise level.
C&J Energy Services (CJES) – This is strictly a knife catching play, but could be a very profitable swing trade if an entry can be had on a capitulation day. This is a great company and the selling here seems way overdone. If it gets under 7, I think it is an opportunity to pick up a solid company at a great price for a longer term swing trade.