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Here are three stocks that have traded within a predictable trading range. Given that oil prices may trade sideways (pending no blow-up in the Middle East) for a while ($50-$60/bbl), traders have the potential to make some nice gains by trading a few stocks.
Conoco-Phillips (COP): I am expecting COP to break-out above of its current trading range sometime in 2007 because of additional stock buybacks, but until the stock establishes a new trading range, we can trade the current one.
Conoco-Phillips (COP) Jan 06-Jan 07:
Buy Target: $60-$63
Sell Target: $$70-$73
Quick Trade: $60-63/ Sell $65-$68
Below $60: 7 times in 13 months
Below $63: 10 times in 13 months
Above $65: 11 times in 13 months
Above $70: 4 times in 13 months
Above 73: 1 time in 13 months
** On a break above $73, the new trading range for 2007 will probably be $65-$75.
Valero (VLO) Jan 06-Jan 07:
Buy Target: $48-$51
Sell Target: $$55-$58
Quick Trade: $48-$51/ Sell $53-$55
Below $50: 4 times in 13 months
Below $51: 6 times in 13 months
Above 50: 13 times in 13 months
Above $55: 7 times in 13 months
Above $58: 9 times in 13 months
** This stock will probably remain in a tight trading range as long as oil prices remain below $60/bbl. If oil prices break above $60/bbl, refining margins and profits will improve causing the stock to go above $60/ share.
Chesapeake Energy (CHK) Jan 06-Jan 07:
Chesapeake has followed a very predictable pattern. Watch this.
Buy Target: $28-$30
Sell Target: $$32-$34
Quick Trade: $28-$30/ Sell $32-$34
Below $30: 4 times in 13 months
Below $51: 6 times in 13 months
Above $30: 9 times in 13 months
Above $32: 10 times in 13 months
Above $34: 4 times in 13 months
