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Oil v Oil & Gas Producers

This is based on comparing an WTI Crude ETF versus a selection of oild & gas businesses.

The oil price itself [1] has made a triangle / pennant shape, which it must break out of soon, one way or the other.  Momentum would suggest upwards.

No divergences on A/D and A/D volume [2].

New Highs minus New Lows [3] is positive.

There has been a recent +ve cross of Weinstein Momentum [5], 1% A/D [6] did so six weeks ago, but has faltered but not crossed back [6].

The % stocks above their 20 day EMAs have pulled back sharply but may be recovering [11].  The % above their 50 day EMAs also pulled back but stayed above 50% [12].  There was a minor reduction in % above their 200 day EMAs, but nothing dramtic [13].

The Silver Cross Index [14], % stocks with their 20 day EMAs above their 50 day EMAs, is around 80%, having reduced a little, is below its 10 day EMA which is sloping down.  So a little weaker but still strong.


The Gold Cross Index [15] is basically flat around 70%.

Breadth has pulled back in the shorter term but longer term it is still strong.