May Chart, page-5701

Been at this for 40 years and have learnt one thing: O&G stocks and charts don't mix. I have seen speccie oilers run at stupid RSI's, way above MA's, and way outside Bollingers and with total disrespect for Fibonacci or any of his gang, simply because the fundamentals and sheer volume of cash has little time to look at lines drawn on a piece of paper. Sure, some traders pick levels based on charts (particularly Fib extension levels for taking profit when stocks go blue sky), but generally speaking charting O&G stocks is always a retrospective sport.

Or put another way - Never stand directly in front of a train just because your timetable says that it isn't meant to be there for another 10 minutes!



Kit.