Nightly Update - WTIC, OIH, NGPS, & CPTS
Oil -Light Crude-Continuous Contract (EOD) (WTIC) - Daily Chart
The daily chart of WTIC shows that Oil has completed it's wave 3 to 4 pullback. Oil has broken out of the down channel and is now in a 5 wave up move. Oil looks to make another move up to test it's previous highs around $70.00. Indicators and oscillators are bullish, and stochastics are bull flagging and the PPO is making new highs.
Oil Services Holders ETF (OIH) - Daily Chart
The daily chart of the OIH illustrates that it has broke out of an ascending triangle in late November 2005 and has rallied higher ever since. I do believe that the OIH is due for a short term pullback perhaps to the 13 EMA moving average. Watch out for overlapping around $136.00. Indicators and oscillators are bullish, and stochastics are bull flagging. Nevertheless, our energy stocks are doing well and I have not issued any sell alerts yet. We currently have 6 energy stocks.
NovAtel, Inc. (NGPS) Daily chart
The daily chart shows NGPS consolidating in a bottoming symmetrical triangle pattern. I would like to add this to the portfolio once it breaks out of the triangle. It is a buy above $30.00. The price target s $37.00. On the daily chart you can see that the Aroon is still bearish, but the PPO and stochastics are starting to reverse upwards.
Conceptus, Inc. (CPTS)- Daily Chart
The daily chart illustrates that CPTS is in an ascending triangle pattern. It has just completed a wave 3 to 4 pullback and is now heading back up. It is currently in a bull flag. The Aroon just turned bullish and the PPO looks great as do the stochastics are bull flagging. Price target is in the low $20.00's. This is a buy alert and will be added to the portfolio.
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