Oil may be poised for a rebound, according to Boroden, who's been looking at charts of crude and some major stocks in the industry.
Boroden told Cramer a pattern is starting to emerge.
First, as to oil itself, the recent low coincides with some key weekly support levels. Second, oil's been making higher highs and higher lows. If the pattern holds, and oil stays above its floor between $45 and $47 a barrel, the stage may be set to clear $50. At that point it could be off to $57 level, with little resistance.
For Exxon, the biggest producer, there are signs that the stock is trying to bottom, after languishing in the low $80s for the past couple of months. The current downward swing has lasted for 12 weeks, similar to two declines in 2016 that each lasted 11 weeks. If the stock picks up on that symmetry, Exxon could be set to rally.
Exxon currently has a floor at $79, with a second floor running from $76 to $77. Boroden says that as long as the stock holds above at least one of these zones, then Exxon's more likely to rally here, perhaps as high as $89 to $91. A close below $76 would negate that scenario, however.
Chevron shows a similar pattern of higher highs and higher lows. Its crucial support levels are between $104 and $105, and between $100 and $102. Several Fibonacci timing cycles have come due in recent days as well, right at the time the stock was putting in its recent low.
Then there's the weekly chart of Pioneer Natural Resources, a company that owns a ton of acreage in the red-hot Permian Basin. Boroden says there's something different about Pioneer's chart and she likes it a lot: the symmetry between prior down-swings within a larger uptrend.
In short, Pioneer's previous declines were very similar to the stock's most recent move down. Just look at how closely these downward moves resemble each other: $23.59, $25.80, $26.89, and $26.87. Now, Pioneer's most recent swing lower is a little smaller, at $22.83, but it's still close. The key here is that these symmetry projections identify an important floor of support for Pioneer, running from $171 to $176. If the floor holds, then Boroden believes Pioneer can keep climbing. She thinks it could possibly travel to the $206 area, giving this stock another 19 points of potential upside. But, again, only if the floor of support holds.
Finally, there's EOG Resources. Boroden didn't see anything particularly meaningful on the weekly chart, but she definitely liked EOG's daily chart. She likes that EOG recently made a double bottom pattern, and the stock has now taken out its prior swing high of $97 made back on March 15. What's the risk-reward here? As long as EOG holds above its floor of support, running from $91 to $93, then Boroden thinks this $97 and change stock could be headed up to $106 in the not too distant future.
Bottom line: the charts, as interpreted by Carolyn Boroden, suggest that many of these oil stocks could be ready to take off given the recent rebound in the price of crude. She likes Exxon and Chevron, but her favorite charts here are Pioneer and EOG Resources.
At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.