With energy commodities looking like they are set for a significant rise Oil and Gas stocks should benefit. OEX could be a good example of such a stock. OEX looks to be setting up to break out of its broad ascending channel established for a year now.
With the 20 and 50 DMA compressing, a bullish MACD and Stochastics relationship occurring at the lower end of the channel, OEX has set up in a combination that has not been seen in this formation before. A break of $1.56 would project a target range of $2.48 - $2.70
OEX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
