Though the market has had around 6 heavy selling in the last 2 months. It is hitting it’s highs again. Caution is required during this period.
let’s look at the top 50 stocks in the USA
at number 33 is Whiting Petroleum (WLL)
First let’s look at its weekly chart, and then daily
as you can see in the weekly chart there is a strong resistance formed on april 1st 2011 – 74 -75 USD.
and also the red line – 50 week MA – consolidating neatly (we want to see a good pull back in light volume)
The float (at the middle top of the chart) is very nice 118 million (for a stock with EPS rating of 97 – performing better than 97 % of all the stocks) this is woderful float – very easy to go up. with an average daily vol of 2.6 million
Whiting petroleum corp ranks number within the oil&gas expl&prod group of stock (102 stocks) for overall rating of 99 (top 1% of all stocks in the market)
IBD (Investors Business Daily) research shows that 37% of a stock’s price movement is tied directly to the performance of its industry group. An additional 12% is due to the strength of its overall sector. In other words, stocks aren’t islands.
Now the Industry group for WLL is oil&gas exploration & Production – it is ranked number 5 in 197 industry groups.
and over all as a group the growth is 37% YTD.
WLL has a Relative strength rating of 86, which is good but we want to see more high volume accumulation.
So keep an eye open on this stock