Nat Gas Stocks Are Trading On Fumes
All of the leading natural gas stocks are still trading in a confirmed down trend on the daily charts. This afternoon, these stocks are barely participating in the broad based stock market rally. Traders should note that the low natural gas prices have certainly hurt the leading natural gas stocks such as Devon Energy Corporation (NYSE:DVN), Southwestern Energy Company (NYSE:SWN), and Chesapeake Energy Corporation (NYSE:CHK).
The best stock in this group is Devon Energy which is trading higher today by $1.17 to $68.17 a share. This stock has faded from its intra-day high of $68.73. Ttraders should watch for intra-day support around the $67.70 level. The daily chart will have short term support around the $66.50 level. All of the natural gas stocks are very oversold and due for some type of short term bounce soon.