Crude Oil Bullish Reversal – Texas Permian Basin Leading Stock: PE – Parsley Energy

by Olivier on August 9, 2016

Most traders are currently bearish for $WTIC Light Crude Oil. But, if you look at the price chart, you see a bullish inverted complex head and shoulders formation in the making. This is a classic Reversal Chart Pattern. A technical set-up indicating that oil prices might have found an intermediate bottom.

Click on $WTIC – Light Crude Oil daily chart to enlarge:

$WTIC - Bullish Inverted Complex Head And Shoulders Pattern Price Reversal Bottom Light Crude Oil Technical Analysis

How did members put on trades profiting from this trading idea?

Intensive research alerted me early on to oil stocks.  They were popping up in my scans. The next step was to identify the strongest stocks trading at an all-time high. It turns out a lot of them are part of the Permian Basin in Texas.

The strongest stock was easy to spot for an experienced trader. So, as soon as I had identified this potential big winner, I highlighted the company in the ‘High Potential Stocks’ video section for members.

Get alerted to big winners early on: Tischendorf Letter Premium

The stock is PE – Parsley Energy. Look at that great reaction to earnings!

Click on PE – Parsley Energy daily chart to enlarge:

PE Parsley Energy Great Reaction To Earnings Technical Analysis Price Chart Crude Oil Texas Permian Basin

It was displaying typical character traits of a leading stock. I show members exactly what to look for and what all leading stocks have in common.

Some Oil stocks in the Permian Basin worth monitoring are:

  • PE – Parsley Energy
  • PXD – Pioneer Natural Resources
  • RSPP – RSP Permian
  • FANG – Diamondback Energy
  • CPE – Callon Petroleum
  • CXO – Concho Resources

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