energy news from National BankS&P Energy – 432
Investors should focus buyingn interest on energy stocks as both the Amex oil index and the S&P energy index has broken out of multi-month bases.
The upside breakout across 420n on the S&P energy index projects a target of 500 to 520.
Last week, daily 52-week highsn on energy stocks hit 65 issues indicating broad strength.
Thin chart resistance above onn the S&P energy index suggests upside volatility.
TSX Energy A/D line
The TSX energy index is poisedn to break out.
Two closes of 294.74 over then past month on this index marks the rally highs.
While the energy index has metn its highs twice, the daily cumulative A/D line is already trading into new rally highs and breaking out of its base formation, a bullish event. Target is 330.