This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

5 Eurozone Technical Setups for Breakout Gains

Statoil ASA

Next up this week is Norwegian oil stock Statoil ASA (STO - Get Report). While Norway isn't on the euro (the country stuck with the krone), Statoil's status as a major oil producer means that the firm is still heavily impacted by the EU economy, albeit without the currency depreciation concerns felt by countries that report their numbers in euros.

From a technical perspective, Statoil has significant upside potential right now thanks to an ascending triangle that's been forming in shares since the beginning of November. Put simple, an ascending triangle is a pattern that's identified by a horizontal resistance level to the upside and uptrending support below. As shares bounce in between those two technically-relevant price levels, shares get squeezed against resistance, and the potential for a breakout above that barrier increases dramatically.

The breakout level to watch in Statoil right now is $27. That's the price that's acted as a ceiling for shares the previous three times buyers attempted to make a new high in share prices. When the breakout happens, I'd recommend placing a protective stop right at the 50-day moving average.

Statoil, one of TheStreet Ratings' top-rated oil and gast stocks, shows up on a list of 7 U.S. Stock Picks for 2012 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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DEO $117.85 0.00%
PHG $29.39 0.00%
ROVI $22.44 0.00%
STO $18.69 0.00%
UN $43.94 0.00%


DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs