Getting The Jump On Rally In Energy Names
by Mike Paulenoff
November 14, 2020 • 12:00 AM EST
This past Tuesday November 10, Mike Paulenoff put out a chart on Southwestern Energy Company (SWN).
Pfizer (PFE) had just released its vaccine news the day before, and SWN was rallying along with other energy and industrial names.
As Mike noted, "Yesterday's vaccine news suggests the shift to economic normalcy might come sooner than later, and with it more aggregate demand to propel revenues and profits in the industrial sectors (value more than growth for a change)."
From a technical perspective, Mike wrote that all of the action since the October low was setting up the potential for upside continuation above consequential multi-month resistance at 3.20/25.
SWN went on to climb from 2.68 at the time of Mike's writing to 3.06, closing the week at 3.05, a 13.8% up-move in just a few sessions.
Where is SWN and energy in general headed next?
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Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
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