Helmerich & Payne, Inc. (HP) is a contract drilling company operating in South America, the Middle East, and Africa. This stock has been brutalized in recent years and has been showing signs of capitulation. We are forecasting that this move up will accelerate, and should produce nicely for us in the weeks to come.
The United States Oil ETF (USO:NYSEArca) is a proxy for the spot price of West Texas Intermediate (WTI) light, sweet crude oil. Oil prices have been hammered recently, and are showing signs of reversal. We don’t have a specific trade opportunity at this time, but we wanted to initiate coverage of this all important commodity…
Norfolk Southern (NSC:NYSE) ran nicely along the rails to its profit objective this week. We will assume that all profits have been taken, and will continue to monitor this stock for future opportunities.
The S&P 500 index proxy (SPY) is still showing bullish energy that keeps our forecast stable…We are looking for a move back up into the ivory area, then a lower high and a breakdown to new lows.
Halliburton (NYSE:HAL) frustrated us this week as it rallied cleanly to test the forcasted profit area…BUT failed to dip down into the green zone to provide a qualified entry.
(EUR/USD) is building a complex correction on its daily chart and the odds are too muddy to provide a quality forecast at this time. We are expecting price to fall down to test the ivory zones, and at that time we hope to be able to upgrade our forecast to “green” status.
