Newfield Exploration NFX pullback to support

Newfield explores for and extracts oil and energy from the ground. It is closely correlated to the price and crude and given the sharp drop in the price of crude last week, it makes sense to me to buy it here near support. There is an ideal entry zone labeled on the chart.

Why did crude take such a tumble last week? Well, we can point to the heavy long position by the speculators and they may have decided to cut back their exposure.

I view crude oil as a safe buy here, especially when compared to the price of the overall stock market. WIth VIX under 14, and with options expiration for September now out of the way, I view the stock market as sideways at best.



Saturday 3:35PM EST, Sep 22 2012

Subscribe to my indicator package KEY HIDDEN LEVELS $10/mo or $100/year and join me in the trading room KEY HIDDEN LEVELS here at TradingView.com

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.