Requiem for JR Ewing: Big Oil Ready to Run
- Posted by Greg Harmon
- on November 26th, 2012
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I was saddened to hear of Larry Hagman’s death this past week. I knew him first as Major Nelson in I Dream of Jeannie and then JR Ewing in Dallas. He was recently reprising this role on TNT and had me watching just to see him. The big Oil man who would do anything to get what he wanted. He is gone now but Big Oil appears ready for another move higher to salute him. The weekly chart
below for Chevron, $CVX, shows the signs. The higher low, third in a row, nearly touching the 100 week Simple Moving Average (SMA). The Relative Strength Index (RSI) moving higher off of the same bottom from the last two lows. A move over 105.61, the high from the week before Thanksgiving, will confirm it. And the daily chart adds weight to the reversal story. Breaking the
descending channel, price is finally following the reversal higher in the RSI and Moving Average Convergence Divergence indicator (MACD). Nearly the same confirmation level, 105.94 the 200 day SMA in this case, confirms the move higher. But Chevron is just one example. I could have used ExxonMobil, $XOM or Schlumberger, $SLB, as well. Big Oil is rising to salute JR.
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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