Here’s 3 Oil and Gas Stocks that Scott will be talking about tonight at Stock Market Mentor. $CPE $DVN $MGY – November 15, 2021CPE 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.