Let’s go back to the (Oil) Well for some setups that could Light Up your Watchlist: $CPR $MTDR $WLL – November 16, 2021


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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 ).

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