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Monday, March 16, 2009
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From Growth Stock Wire:

...A move above $48 per barrel projects a rally to as high as $70. Obviously, that'll be a bullish development for oil stocks. And if the overall stock market can rally as well (and I think it will), there will be twice as much buying pressure in the oil sector.

Here is an updated chart of the bullish percent index for the energy sector (BPENER)...



This chart displays the percentage of oil stocks trading with bullish technical patterns. Oil stocks are overbought whenever the chart rises above 70, and the sector is oversold when the chart drops below 10.

Read full article...

Topics: Jeff Clark | Commodities
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