Market Overview

2 Technical Traders Bearish On Oil Stocks


David Katz and Richard Suttmeier commented on the choppy price action in oil stocks Tuesday.

Katz, founder of TradingFibz, told Benzinga he saw downtrends forming in ConocoPhillips (NYSE: COP), Valero Energy Corporation (NYSE: VLO) and Marathon Petroleum Corp (NYSE: MPC).

Katz also told traders to watch the $62.73 level on ConocoPhillips, which the stock traded under on Tuesday.

Suttmeier told Benzinga that ConocoPhillips has had "a negative weekly chart with its five-week modified moving average at $67.48. The 200-week simple moving average at $62.84 is being tested."

Suttmeier’s annual value level for ConocoPhillips was $60.70.

For Valero Energy, Suttmeier highlighted that it will "have a negative weekly chart given a close on Friday below its five-week modified moving average at $48.70. This would indicate risk to the 200-week simple moving average at $35.03."

Suttmeier's monthly value level for Valero Energy was $43.95, with an annual value level at $24.37.

ConocoPhillips recently traded at $62.52, down 0.86 percent.

Valero Energy recently traded at $46.03, down 2.8 percent.

Marathon Petroleum recently traded at $81.28, down 4.8 percent.

Posted-In: David Katz Richard SuttmeierTechnicals Exclusives Trading Ideas


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