Energy stocks attracted strong buying support Thursday amid reports indicated that there was a pipeline explosion in Yemen that halted exports. Among the space, CVR Energy Inc. (CVI) outperformed, jumped 4.29% to 51.24 – a fresh all-time high. This is bullish from a technical perspective. In fact, as the chart below indicated, CVI could climb above 54 to test the 127.2% Fibonacci extension as it extends Thursday bullish breakout. Just so that you know, initially profiled in our March 1, 2011 “Swing Trader Bulletin” CVI had gained more than 171% and remained well position.
The graphic below is from our “U.S. Market ETF Trading Map”, which show the near-term technical bias and trading ranges for CVI. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – CVR Energy Inc. (daily)
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