Are things about to change?
There a few factors at work which might force Obama to re-think his stance on Keystone and Russia has to be front and center. Russia is one of the largest oil producers in the world, and basically supplies Europe with a majority of its energy. So with all the recent sanctions which have been put on Russia the last few weeks, one has to wonder where Europe will look to get energy from. Enter the U.S. and its sudden energy renaissance. That has been the craze as of late as the U.S. has become energy self-sufficient and now could be in prime position to start exporting some of that energy to Europe. With the Russian tensions growing more and more each day, Obama might not get the same stiff opposition from the Republicans. This could lead the way to an approval of the Keystone Pipeline as people will soften their stance and point the finger at Russia.
One of the biggest beneficiaries of this pending approval will be TransCanada Corporation (USA) (NYSE:TRP). In recent days the share price of TransCanada Corporation (USA) (NYSE:TRP) has come under pressure and seen a sell-off, after hitting a new all-time high of $52.27 on July 24, 2014. Looking at the chart this decline is actually presenting traders and investors a great opportunity for an entry on the long side. Technically speaking, there is a retest of the breakout level happening right now as seen on the weekly chart below. Typically this type of price performance is where a will find support, as prior resistance now becomes support. So as people have been trying to wonder when and if Keystone will ever get approved, I look at the chart of TransCanada to really see whats coming down the pipeline. Whether or not this approval takes place, as a technical based trader one thing is clear, the TRP will present a solid opportunity for trading and investing. I have noted the levels to watch, so keep them on your charts. And regardless of the political rhetoric, or positioning these politicians take for their personal benefit, there will always be a trade for us to profit from.
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