Energy names have been heating up recently and over the last one month period they are the second best S&P sector performer with the XLE higher by 1.9% (trailing only technology with the XLK advancing 2.6%). Over the last 6 months the XLE is the top performer with a 21.1% jump. Monday it attracted plenty of headlines with crude’s 3% drop. Technicians like myself care only about price action and one would be wise to closely monitor the way some top names are behaving. PXD is well above a 169.56 double bottom trigger taken out on 8/8. Below we look at how we profiled lesser know best of breed play CPE.
In our Tuesday 4/26 Game Plan we looked at CPE. Stocks that can be bought at the round numbers are CPE. CPE is an energy play higher by 24% YTD and 17% over the last one year period. Earnings have been mixed but the gains have far outpaced the losses with advances of 7.2 and 18.1% on 3/4 and 8/6. It fell 2.4 and 4.6% on 11/5 and 5/7 (the 5/7/15 was followed by the next session GAINING 6.2%). It REPORTS on 5/4 after the close.CPE recorded a huge breakout above 9.68 cup with handle trigger on 4/20 on the biggest daily volume in more than a year up 12.1% and CLOSED that day ay 10. Last Friday was the only finish above the 10 figure besides the 10.01 CLOSE on 11/24/15 since September ’14. Enter here just above round figure.