August 13th Oil and Gas Daytrading Setups: Anadarko, Cameron, EQT, Transocean, Patterson-UTI and PBF Energy
Aug 12, 2015 Oil Stock Scans
Great reversal day in the market and there should be plenty of green tomorrow too, at least we hope. There are some very strong momentum plays and I’ve tried to pick out a play from each of the energy sub-sectors. Here’s what I’ve got for Thursday:
Anadarko Petroleum (APC) – Independent E&P, Anadarko, has been forming a nice base over the last couple of weeks and should break back toward the 80.00 level from today’s close of 78.10.
Cameron International (CAM) – I’ve had Cameron on the scan list for the last couple of days and will be riding it again tomorrow as it seems to have the most strength in the oil services sector. It could easily make a continuation move to 54.00.
EQT Corp. (EQT) – In the natural gas sub-sector I’m sticking with quality in EQT. It has the best fundamentals of any of the natural gas stocks and that is likely why it is performing the best. A break toward the 80-81 level is very possible on Thursday.
PBF Energy (PBF) – In the refining sub-sector, I’ve had PBF on the scan list all week, and it just keeps running. It is my favorite refiner play right now, but MPC, HFC and VLO are all very strong as well. Keep riding the momentum in these names until oil finally shows a bid.
Patterson-UTI (PTEN) – In the onshore drilling sector I like HP as the best quality stock, but PTEN has the best trading setup for Thursday. It should break that level at 18 and make a run at the 19-20 range if it can break out. An early entry in the 17.75 range would be ideal for a run at the top.
Transocean (RIG) – In the offshore drilling sector, RIG has had a nice five day run which should continue toward the 16 level if the energy sector continues it’s momentum on Thursday. An early profit taking pullback for entry and let it run back toward Wednesday’s close for a breakout.