By Harry Boxer
Oil stocks, benefiting from news of OPEC's production cut, are among our top charts to watch today, while we also highlight three potential shorts to play in this uneven market.
Callon Petroleum Company /zigman2/quotes/201917664/composite CPE +4.17% is surging after holding trendline support in early November. The stock, which rallied this year off its January low, consolidated in June and July, and broke out again in August before pulling back in October, is now up nearly 50% in the last month.
The stock closed up 3.19, or 22%, to 17.64, on 11.5 million shares on Wednesday, and looks poised to reach our target of 20.00-21.00 near the channel top. The longer-term chart points to the high 20.00s, last reached in 2008.
Check out Harry’s video analysis of this stock on the last page.