One industry group that is soaring higher today is the natural gas stocks. It seems that the tensions and problems in Iraq are escalating, this is causing a bid in many of the leading natural gas stocks. Some of the leading stocks in the sector that are trading higher today include Devon Energy Corporation (NYSE:DVN), Southwestern Energy Co (NYSE:SWN), Chesapeake Energy Corporation (NYSE:CHK), and Patterson-UTI Energy Inc (NASDAQ:PTEN). Traders should note that this important industry group is starting to get overbought on the daily and weekly charts. This tells us that if the current geopolitical events around the world calm down the natural gas stocks could pullback in the near term. Until that time, this industry group will likely remains strong.
Devon Energy Corporation (NYSE:DVN) is the leading natural gas stock at this time. Traders should note that Devon Energy Corp stock has weekly chart resistance around the $82.75 level. If the stock continues to surge into this major resistance area it could stall out and likely pullback from the level.
Devon Energy Corporation (NYSE:DVN) is the leading natural gas stock at this time. Traders should note that Devon Energy Corp stock has weekly chart resistance around the $82.75 level. If the stock continues to surge into this major resistance area it could stall out and likely pullback from the level.
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