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TheStreet Open House

5 Huge Stocks You Need to Sell

Stocks in this article: NOKNFLXPTRXOMINTC

PetroChina

Up first is PetroChina (PTR), the $252 billion Chinese oil and gas giant. PTR has turned out some uninspiring performance in the last year, slipping around 7% in those 12 months while the rest of the broad market rallied. And now investors looking for more upside had better keep looking.

That's because PTR is currently forming a double top pattern, a setup that's formed by two swing highs that top out at approximately the same price level. PetroChina's first top came in back in October, and shares topped out for their second time in January. The sell signal for this setup comes on a breakdown through support at $130. If PetroChina can't catch a bid below that support level, you don't want to own it.

Momentum adds some extra evidence for downside in PetroChina. 14-day RSI broke its long-term uptrend at the start of this month, and it's been trending lower ever since. Since momentum is a leading indicator of price, that's an important indication that shares are losing steam at an increasing pace. While I wouldn't recommend unloading shares unless $130 gets taken out, traders will want to keep a close eye on this name in March.

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