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Update on Four Oil and Gas Stocks Powering Ahead


Charts are presenting bullish technicals, so revisit them for potential entries.

With the recent surge the market has provided, I felt it imperative to update traders on the article I wrote focusing on oil and gas (O&G) stocks called Four Oil and Gas Stocks Powering Ahead. The charts are presenting some very bullish technicals, and it's worthwhile to revisit them for potential entries. The original article was published a mere 2 weeks ago, but I like the action and want to make sure traders don't forget the initial premise for being long this sector. So let's dive right in and look at each chart in the same order we originally deciphered them. I've added only 2 pieces of information to the charts from the first article. The vertical line represents where we first highlighted the stock, and a short "update" can be found at the top of each chart.

Proshares Oil and Gas

DIG has moved up $1 and change since we first took a look at it. It appears to have jumped above the initial resistance around $30.00. With commodities enjoying a solid week, a trader should watch for continued upside in this ETF. If traders were following my original trade, a partial position will now be held with a stop below $25.90. The add-on was to happen with a break over $30.60, and strength this week could allow such a position to be taken. The true bullish sign for a trader will be when the second horizontal trendline is taken out on volume. At that point, a trader could hold a full position in DIG.

Devon Energy (DVN)

What a work of art we have in DVN. This week's close was a perfect kiss on the cheek of the overhead resistance, giving a trader even more belief in the upcoming technical moves that DVN will make. Phase one is now complete, with DVN taking out the first resistance at the 50 MA. If you'll recall, I mentioned 2 more areas of resistance before DVN motors ahead and those are the upper trendline and the June high of $67.40. While a trader would be wise to buy a piece of DVN in anticipation of the breakaway move, the real momentum will happen when we have all 3 of these technicals underneath as support. The fly in the ointment that we need to be aware of is holding support at the 50 MA, with any close below this giving a trader room to pause.
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Position in BJS.

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