This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

5 Technical Setups to Trade This Week


A very similar setup is taking place in shares of Statoil (STO - Get Report). That shouldn't come as a huge surprise -- after all, both companies are in the oil business, so they're expected to be highly correlated with one another.

So where's the actionable price on this setup?

In Statoil's case, the resistance level to watch is $27. That's the price level that's acted as a sort of ceiling for shares the past three times STO attempted to break higher. Resistance levels, like the ones in Statoil and ConocoPhillips, exist because there's a glut of supply of shares above that price (think of it as a level where an abundance of sellers are willing to sell). When buyers attempt to bid shares higher, their buying gets completely overwhelmed by sellers' attempts to take gains (or enter shorts), and prices reverse.

That's why a breakout above $27 would be such a compelling buy signal. It would indicate that buyers have absorbed the glut of supply in full. Don't pay too much attention to the gaps in STO -- they're suspension gaps caused by the off-hours trading of STO shares on the Oslo Stock Exchange. From a technical perspective, they don't impact the trading implications of this stock.

Statoil is another of TheStreet Ratings' top-rated oil and gas stocks, with a B buy rating, and it shows up on a list of 7 U.S. Stock Picks From Addison Capital.
3 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
COP $47.79 0.00%
MA $96.99 0.00%
STO $17.59 0.00%
TV $29.23 0.00%
AAPL $93.74 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs