This is just to flag a key industry that, so far, has lagged the broader energy production complex. Certain individual services stocks are moving strongly, while others are languishing or making all time lows. Volume profile suggests accumulation. Something will give so this seems to be an important sector to watch in 2023.
Who else is waiting for this breakout to happen?
If it does, a good target would be $125 and I like the odds.
Just look at NYSE:SLB , NYSE:RIG & NYSE:HAL , they have already broke out from there bases.
Look for other stocks within this ETF and you will find good set ups. I'm doing it.
NYSE:WHD & NYSE:NOV are near pivot points.
$XES is an oil services ETF that is equally weighted with small caps as well as large caps (unlike $OIH, which is overweight in large caps). Thus the head and shoulders breakdown may provide a laggard short.
SPDR Oil and Gas Equipment ETF Long Postion initiated near all time low with a Risk/Reward of 3 and great chances of success. The ETF is near 2009 lows, this is difficult to believe even with today's low Oil prices the sector is much further than it was 10 years ago!
After a few weeks running up from oversold, XES has run into its 20 WK MA (weekly chart); XES seems ready for a mean reversion play. I would consider a short trade if XES breaks below the trend-line and RSI(14) crosses below 70 (no longer overbought, but both must happen or it is a no go. The A/D oscillator shows a bearish divergence from the high on 2/9 and...