Crude oil is trading at a two-month high in a strong bounce that could test the 2010 peak near $87 per barrel. More important, all sorts of oil stocks have charged out of summer basing patterns, ready to resume strong uptrends that had been in place through 2009 and early 2010. In fact, these emerging rallies could outshine recent upticks in tech and other market leaders.

On Monday, I laid out my argument for a

major rotation into the energy sector. I theorized this group will continue to attract fresh capital well into 2011, and that this will lift many components to new highs. The good news is, if I'm right, is that it isn't too late to grab a piece of this emerging opportunity.

I asked

RealMoney

readers to share their favorite energy plays, and they responded with a pleasant barrage of sector picks, including a few lesser-known names that may have slipped under your radar. I'll cover the best of their submissions today, as well as red-hot energy leaders I've been tracking through most of 2010.

Northern Oil and Gas

(NOG) - Get Report

is a Rocky Mountain explorer headquartered in Minnesota. The stock peaked at $16.40 before the 2008-to-2009 bear market dumped it down to $2. It finally returned to the high in April of this year and dropped into a bowl-shaped pattern that's now completed a multiyear cup-and-handle breakout pattern. A buying spike above $18 could trigger a strong uptrend into the mid-$20s.

Denver-based

Whiting Petroleum

(WLL) - Get Report

peaked at an all-time high of $112 in 2008, and then sold off into the upper teens. It recovered strongly into 2010, stalling at $93 in May and dropping into a broad consolidation pattern. The stock finally broke out two weeks ago and is now trading near round-number resistance at $100. Look for the stock to "take out" this level and continue into a critical test at the two-year high.

Weatherford International

is well-capitalized equipment company that peaked near $24 in mid-2009 and dropped into a channeled decline that bottomed out near $12.50 in June of this year. It then rallied to channel resistance in September and broke out. The rally stalled about two weeks ago, with the price consolidating above support at $16.25. This tight pattern should give way to an uptrend that tests the recovery high in the low $20s.

Concho Resources

(CXO) - Get Report

is a Permian Basin explorer and energy-sector leader. It bottomed out near $15 in 2008 and entered a strong uptrend that broke out to an all-time high in late 2009. The rally has continued in a steady uptick this year, and the price action has carved out a rising wedge pattern that broke to the upside in Tuesday's broad rally. The top of the wedge should now act as support, and the upside target is in the $80s.

Long-term holders of

Cimarex Energy

(XEC) - Get Report

, another Permian Basin explorer, might be disappointed with recent price action. However, the long-term pattern is highly bullish. The stock has ticked lower since hitting an all-time high in June, having dropped from $81 into the mid-$60s, but it might be rounding the bend in the final stages of a multiyear cup-and-handle pattern that would eventually yield a powerful rally into triple digits.

Austin-based

Brigham Exploration

( BEXP) is a current pick in my newsletter on

TheStreet

,

The Daily Swing Trade

. The stock peaked at $18.29 in 2008 and plunged, dropping to $1 and then bouncing strongly in 2009. The recovery pressed shares above the two-year high in April, and then the stock pulled back in a triangle pattern before breaking out in September. The next rally to $21 would complete a multiyear cup-and-handle breakout pattern.

Linn Energy

(LINE)

, which develops properties in Oklahoma, Kansas and California, bottomed out near $11 in 2008 and rallied up to $29, where it stalled in January of this year. The stock ground lower in a channeled decline for the next seven months, finally breaking out to a two-year high at $32. It pulled back in August before returning to that level last week, and it's now consolidating in a tight pattern that should yield a another rally leg.

At the time of publication, Farley had no positions in the stocks mentioned, although holdings can change at any time.

Alan Farley is a private trader and publisher of

Hard Right Edge

, a comprehensive resource for trader education, technical analysis, and short-term trading techniques. He is also the author of

The Daily Swing Trade

, a premium product from TheStreet.com that outlines his charts and analysis. Farley has also been featured in

Barron's

,

SmartMoney

,

Tech Week

,

Active Trader

,

MoneyCentral

,

Technical Investor

,

Bridge Trader

and

Online Investor

. He has written two books:

The Master Swing Trader

and

The Master Swing Trader Toolkit: The Market Survival Guide

, due out in April. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks.

Farley appreciates your feedback;

click here

to send him an email.

Also,

click here to sign up for Farley's premium subscription product, The Daily Swing Trade, brought to you exclusively by TheStreet.com.

TheStreet.com has a revenue-sharing relationship with Trader's Library under which it receives a portion of the revenue from purchases by customers directed there from TheStreet.com.