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August 25th, 2019

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PUBLISHED BY INSTITUTIONAL ADVISORS
Saturday, January 17TH, 2009
Technical observations of RossClark@shaw.ca

Crude Oil & Natural Gas

The crude oil price rallied to $50 on January 6th and produced an RSI(14) reading of 53, just short of the levels we thought would provide resistance.
The US and Canadian oil and gas stock indices have managed to hold their own since oil generated its first daily capitulation reading back in mid October and last week saw the stocks become the most overbought since May. They are now turning lower (see last page). Overbought readings following downside capitulation readings invariably see prices retest support within two to three weeks. This timing fits well with the next period of oil’s seasonal buoyancy that should present itself once we pass the 20th of January.

Historically, the natural gas price normally bases through December-January and then moves higher into April. In years such as this, when inventories are at or above average, the related stocks have a tendency to bottom out in January through early February. Subsequent price advances in the XNG are normally from 28% to 65% over a period of three to eight months.



XEG


XOI


XNG




BOB HOYE, INSTITUTIONAL ADVISORS
November 30th, 2008
EMAIL:: bobhoye@institutionaladvisors.com
CHARTWORKS WEBSITE:: www.institutionaladvisors.com


The opinions in this report are solely those of the author. The information herein was obtained from various sources; however we do not guarantee its accuracy or completeness. This research report is prepared for general circulation and is circulated for general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily a guide to future performance. Neither the information nor any opinion expressed constitutes an offer to buy or sell any securities or options or futures contracts. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related investment mentioned in this report. In addition, investors in securities such as ADRs, whose values are influenced by the currency of the underlying security, effectively assume currency risk. Moreover, from time to time, members of the Institutional Advisors team may be long or short positions discussed in our publications.


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August 25th, 2019

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