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Oil and Gas Producers

The breadth chart plots a WTI Crude ETF against a moderately arbitary pool of oil and gas producers.

1. Price has exceeded recent highs about a month back. Positive

2. Though the A/D and A/D volume lines are rising they have not made new highs, a divergence. Negative.

3 & 4.  A positive burst of new highs minus new lows for the last month. Positive.

5 & 6. Weinstein & 1$ A/D are near zero, not much to take from these, neutral.


7 & 9. McClellan ossilators are above zero, but lower than the have been.  Weekly positive.

8 & 10. The Summation Indicies are positive and rising. Positive.

11, 12 & 13. The % stocks over their 20, 50 and 200 day EMAs are above 70 %.  Overbought teritory.  Positive but could there be a pullback?  They can stay in this area an extended time. 

14. SCI is strongly positive, GCI is above 60% and, importantly rising.

This looks positive, but I wonder about a pullback?  A number of the stocks in this area broke out in the last few weeks, so is this chart a bit late?