Off the Charts: Crude oil under pressure

Core Viewpoint - The crude oil market is showing signs of stabilization, with a potential breakout above $59 per barrel, supported by technical indicators and market momentum [1][2][3]. Crude Oil Market Analysis - A counter trend signal on the Demark indicators suggests up to 9 weeks of stabilization for crude oil prices, with expectations of lifting above the 50-day moving average [1]. - Current support for crude oil is around $55 per barrel, and if this level holds, a breakout to approximately $68 per barrel is anticipated in the intermediate term [3]. Energy Sector Performance - The energy sector is experiencing a rotation, with some individual stocks gaining momentum while technology and other sectors are losing it [4]. - Companies like SLB are highlighted as having a long-term turnaround underway, with a base breakout following a downtrend, indicating a potential entry point for investors [5][6]. Specific Company Insights - SLB is identified as a key stock to watch, with a favorable chart pattern suggesting a positive outlook [5][6]. - Target Resources (TRGP) is also noted for its secular uptrend, having recently experienced a breakout that positions former resistance as new support [7]. - Other companies such as Halliburton and Exxon Mobil are mentioned as poised to benefit from the anticipated breakout in crude oil prices [7].