Wednesday, April 11, 2007

Searching Oil Stocks And Scanning For Trading Ideas

Note: All charts and lists can be clicked to enlarge.

This is a partial list of the major stocks in the oil sector. This might be hard to view, so the spreadsheet can be downloaded here. This list is broken down in to basic categories, and it can be organized even further into subgroups, but for this discussion it will suffice. The list has some basic information about the companies as of the market close today. There is endless amounts of fundamental data that can be added for more analysis, but today the focus will stay with scanning this list of stocks for which ones performed well today.

This next list is the same as above, except the data fields are filled with data taken from the trading of the individual companies. It shows the close,moving averages, volume, pivots, changes in volume, and changes between close and pivots.

This list can also be viewed and downloaded here.

This is just an example of all the technical data available. A list can be customized to include just about any indicator, including custom indicators. Once we have the data in an orderly format, we can look through it to see what stands out as something that might be worthy of further investigation. In looking at this list, it might be helpful to scan the information for stocks that closed above their daily pivot today,that had greater than average volume, and whose daily pivot today is greater than the pivot of yesterday.

1.Close > (High+Low+Close)/3
2.Volume >AvgxV20
3.(High+Low+Close)/3 > (High1+Low1+Close1)/3

So in a day in which oil was down, the oil service index was negative, and other energy indexes were negative, there were some positive stocks with some decent looking charts.

The results of this scan produced a list of 11 stocks out of our list of 76.

Baker Hughes Inc.(BHI)
Cimarax Energy Inc.(XEC)
Giant Industries Inc.(GI)
Nabors Industries Inc.(NBR)
Oceaneering International(OII)
Precision Drilling Corp.(PDS)
Suncor Energy(SU)
Tesoro Corp.(TSO)
TGC Industries Inc.(TGE)
Unit Corp(UNT)

Of this list, some of the charts have been moving pretty strong for a while, but a few have just started to poke their heads up with some volume.

Click charts to enlarge.

The next post will deal with creating a simple system to apply to this entire group of oil stocks. If anyone has any thoughts or ideas they want back tested, feel free to use the email button at the top of the blog and share your thoughts.


This is an updated chart of the S&P 500. It includes the advance decline moving average in the top pane. A 50% re-tracement of the last part of the rally is 1428.82. That should be a good area to watch if this down move continues. The market has made a good move after that China 9% down day a while back. With earnings season starting in full force next week, it should not be a surprise if the market consolidates or sells off some. The key is if it is an orderly sell off or something triggered by an event.

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