CPE MTDR WLL 

This is Scott with your Chart of the Day. I want to go back to the well, so to speak, with some oil and gas stocks that I think are worthy of your Watch List.

The first one is Callon Petroleum ( NYSE: CPE ). I mentioned this one last night with the Chart of the Day, and it actually traded quite nicely today. A very kind of calm relaxed day here, still above that orange line, the 8-day exponential period moving average.

One thing I like is the fact it went up nicely on good volume. It pulled back gently but didn’t really pull back on heavy volume, just kind of a gentle drift, kind of a rest right under resistance. So we have a clearly defined level to trade off of and we know what we want to see. We want to see a strong move through 65.50 coming on higher than average volume.

The next oil and gas stock that I think is worth watching is MTDR ( NYSE: MTDR ), this is Matador Resources ( NYSE: MTDR ). Matador ( NYSE: MTDR ), again, pulling back gently today, just along that 8-day exponential period moving average but it is tightening here.

You can see a nice downward sloping trendline, a clearly defined level of resistance. And we can also see an upward sloping trendline, a clearly defined level of support. Nice tightening price action. We want to see a move through that level coming on volume, maybe have an alert on this stock right around 47.75.

Finally, WLL ( NYSE: WLL ), it’s actually Whiting Petroleum ( NYSE: WLL ), but still, I like calling it WLL ( NYSE: WLL ). WLL ( NYSE: WLL ) actually kind of had a little bit of a pop and a drop today. You can see this clearly defined level of resistance right around that 70.60 level. Bur if I zoom in a little bit and bring things into a 10-minute chart you can see, in the morning, that it popped, it dropped, but then it closed okay with a nice pickup in volume here to finish off the end of the day.

The buyers kind of came in, in the morning, took their foot off the gas, and then loaded up back at the end of the day here. Although this one didn’t close above this clearly defined level of resistance I think it is definitely still worth watching. You just want to see, in my opinion, a close above that 70.60 level on WLL ( NYSE: WLL ).

CPE DVN MGY 

This is Scott with your Chart of the Day. I want to take a look at 3 oil and gas stocks that we will be going over tonight at Stock Market Mentor during our Strategy Session. I will just give you a quick overview. As you know, oil and gas have been remaining quite high. A lot of these stocks are in pretty strong uptrends above all of their major moving averages.

Three stocks that I think are worth keeping an eye on are, #1, Callon Petroleum ( NYSE: CPE ), CPE ( NYSE: CPE ) has a little bit of a high handle here. You can see this rounded bottom with support around that 21-day exponential period moving average. And now we are just kind of consolidating near some recent highs. I think this could potentially be actionable with a move through 65.50 coming on higher than average volume.

As you can see, the stock has been finding support around the 8-day exponential period moving average and the 21-day. In fact, it hasn’t even closed under this 8-day exponential period moving average in about a week and a half or so. So that is definitely a level of support that I think matters here on this chart.

Another one is Devon Energy ( NYSE: DVN ). DVN ( NYSE: DVN ), a little bit of a flag here. What catches my eye here on this chart is the nice pickup in volume. You can see how it is definitely finding support right around that 21-day exponential period moving average. I can draw a little bit of a trendline here and you can see it is just flagging a bit here on the daily chart. So for this to be actionable I would want to see a move through that downward-sloping trending trendline coming on higher than average volume.

Another oil and gas stock that I think could be worth watching is Magnolia Oil & Gas ( NYSE: MGY ). Now, MGY ( NYSE: MGY ) is in a little bit of a channel here but you can see, again like the others, it is trying to firm up right around these key moving averages. We have a downward sloping trendline from that high here and a little bit of a tightening price action, potentially, a little bit of a wedge.

What I want to see from MGY ( NYSE: MGY ) is a break of this pattern. Potentially, a move through, and a close above that $21.00 level, maybe have an alert right around 20.90 just to take a look at it. You will want to see a strong close and a move above coming on higher than average volume.