DLX Monthly is making a challenge at its former highs with a widespread upbar.....
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But more interesting are the oilers monthly charts,
so much so that I placed them all side by side to have a closer look. STO- showed strong potential buying in September and October, then the November bar suggested that some supply was still present, and in response December's bar swept lower and tested the previous lows. Spread narrowed, but volume remained above average, price does remain above September's low. It appears that supply may still be an issue here, and remains unresolved. BPT- Also suggests that decent buying came in during September and October, then when price came back down in November volume reduced to below average, suggesting selling pressure was now much lower. During December price has also tested the previous lows, the spread has narrowed, and volume increased but remained below average. Price also remains above September's lows. DLS- appears more like STO, where potential buying is apparent, but supply still appears present. It should also be noted that DLS brokedown much less than STO and BPT in August, and when it saw potential buying in September and October, price far exceeded that breakdown line, which suggests that DLS is acting stronger than the previous two charts. And like the previous two charts, the current price remains above September's lows. SEA- now looks to be the the odd one out. Initially, similar to DLS, price did not break down very far during August (suggesting it was not willing to breakdown). Then potential buying came in during September similar to the other three charts. But in October, where on the other three charts, the stock was strongly bought towards the upside, SEA appears to have not been bought 'up', but continued to see supply come in, albeit on much lower volume. In november price remained fairly static compared to the other three, where there was a weak attempt to rally (which could not be sustained), and the close was poor on a slight increase in volume. Finally during December, price has appeared to breakdown again, and has closed well below September's low, whereas the other three stocks have all held above September lows. It remains to be seen if this new breakdown is the real deal (and not a fakey), but it sure looks like it is serious so far.
These will each probably need a closer individual look, and also a close look at the underlying crude charts, in comparison, to better put them into context.
(20min delay)
