Market Overview

2 Technical Traders Bearish On Oil Stocks

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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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