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2016 was a good year for Energy Stocks as oil and gas prices rose significantly, helping the energy sector to recover from the drop that started since 2014. However, since the recent peak early this year, oil price stabilized in a tight range and failed to move higher before the recent 9 percent drop last week in both Brent Crude and West Texas Intermediate.
Related stocks that established a bullish reversal last year extended their correction lower, but Elliott Wave technical analysis is pointing to an important areas where a bounce higher can be seen in the near term. The coming move will be also supported by an expected bounce in crude oil that will help these stocks to find a floor for the recent decline.
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Energy Stocks Elliott Wave View
CVR Energy, Inc. (NYSE:CVI) is currently correcting the bullish 5 waves cycle from November 2016 low as a triple three structure reaching equal legs area $20.48 – $19.56 . The move can extend lower toward the 50-61.8 percent Fibonacci area ( $18.98 – $17.34 ) as a double three but will remain supported as the stock is still looking for a move higher toward at least $31 to finish 3 waves correcting 2014 cycle. If the stock fails to make new highs after bouncing from the current inflection area , then the pullback can extend lower against $12.03 low which should hold to allow CVI to the resume higher later on
Recap :
Energy Stocks approaching a technical area where Elliott Wave analysis is pointing to a potential recovery in the coming weeks that will be supported by a rise in oil prices. The energy sector still needs a clear break above the recent peaks to confirm a bigger move to the upside that will help these stocks for further gains .
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.