Why I like this energy short play

All right, folks, today we want to take a look at energy markets. I was already looking at energy markets. But I did have a question from a member about energy markets in general. And we’re going to be talking about key themes, especially as it pertains to energies and other sectors next week and a free event that I’ll drop a link to you here in a bit. But let’s take a look at a couple of key energy markets that we’re watching. So Exxon Mobil, EXO M, has already completed a one to three top pattern, as you can see from 6360 6463 75, and about 61. continues to, to kind of look weak for now, as long as we kind of maintain this area for the most part, rather choppy, we take a look at a P A Apache Corp has traded 2440 has also reached its 123 Top objective. But I’m looking at potentially a broader base Head Shoulders top as we can see a very clear defined Head Shoulders right here from around 31, down to 25. So we’ll be looking for a roughly a move down here into this 2021 area, which would be a retest of that 200 day. And then lastly, let’s look at Chevron CV x. And this is probably my favorite wall one, we have not achieved a 123 top objective yet it’s been in fact, it hasn’t even confirmed. So it’s been a little bit stronger. But most importantly, what I like here is on the weekly. So if we come over here on the weekly chart, this one right here, you can see that this is an area that we have just come up to retest. We haven’t been up in this area since looks like late 2019, early 2020. Which What do you know right at this time of the year, beginning of the year, it sold off at home sold off hard. Now we had other things going on at that time, of course, but that lines up nicely here with this huge march up, bumping our head bumping our head, you can see the buyers are starting to big are starting to get exhausted up here. And it looks like we’re we’re targeting move from around 114 to around 109 is first target then I’d be looking next targets at 103. And then to the even 100 area. From a seasonal perspective. We can look here at APA CVS. So notice that right around here at the start of the year, APA actually has bullish seasonality, all these have a percent win rates or greater. But then we’re looking here at Chevron 86% win rate, Exxon 86% win rate over both over the last seven years. Chevron shows a slightly higher profit factor both percentage in dollar terms. So I’m going to be looking at CVS exome is to me is already not to say that it hasn’t achieved his downside, full downside objective, I think there’s potentially more room to run. But see VX is looking a little bit more of the juicy or trade ideas. Amongst the three I think there’s more downside room and CVS