Key Energy Services ( KEG)

This is an independent oil and gas company engaged in the acquisition, drilling and production of oil and natural gas properties and prospects within the United States. This stock is trading up 5.7% to $7.03 in recent trading.

Today's Range: $6.63-$7.14

52-Week Range: $5.70-$18.18

Volume: 2.16 million

Three-Month Average Volume: 3.39 million

From a technical perspective, KEG is bouncing higher here right off its 50-day moving average of $6.56 with lighter volume. This stock has been uptrending strong for the past two months, with shares moving from a low of $5.70 to its recent high of $7.14. During that move, shares of KEG have been making mostly higher lows and higher highs, which is bullish technical price action. That move has now pushed KEG within range of triggering a major breakout trade. That trade will hit once KEG clears some near-term overhead resistance levels at $7.07 to $7.51 with high volume.

Traders should now look for long-biased trades in KEG as long as it's trending above its 50-day at $6.56, and then once it sustains a move or close above those breakout levels with volume that hits near or above 3.39 million shares. If that breakout triggers soon, then KEG will set up to re-test or possibly take out its next major overhead resistance levels at $8.25 to $8.75.

Abraxas Petroleum ( AXAS)

This is an independent energy company primarily engaged in the acquisition, exploitation, development and production of oil and gas in the United States and Canada. The stock is trading up 9.5% to $2.05 in recent trading.

Today's Range: $1.87-$2.08

52-Week Range: $1.56-$4.39

Volume: 1.02 million

Three-Month Average Volume: 808,942

From a technical perspective, AXAS is bouncing higher here right off some near-term support at $1.82 and its starting to recapture its 50-day moving average of $2.02 with above-average volume. This move is quickly pushing AXAS within range of triggering a major breakout trade. That trade will hit once AXAS takes out some near-term overhead resistance levels at $2.36 to $2.67 with high volume.

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