Taking a Look at Energy Drillers

Written by MrStockFox. Posted in Trade Ideas

The oil drillers are up anywhere from 20%-40% since the bottom in late January.  At this point I see them stalling out here very soon and pulling back.  Most of the drillers are coming up to resistance levels.  I doubt that they will break through on the first try.  It is possible but I don't see crude oil putting in any major rally right now.  Yes I like these companies longer term but I may consider lightening up on a percentage of my overall position as we head into these resistance levels.  HP is definitely one that I could see myself selling off as early as tomorrow as it is very near resistance and the 200 ma.

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