Natural Gas Stocks Finally Heat Up
All of the leading natural gas stocks are catching a bid higher despite the broad stock market sell off. The natural gas stocks have been selling off sharply since mid-February. Devon Energy Corp (NYSE:DVN) is considered the best natural gas stock in the group. DVN stock is trading higher by 0.77 cents to $66.00 a share. Traders and investors can watch for intra-day resistance around the $66.60 level. The daily chart of DVN will have very good daily chart support around the $64.00 level.
Some of the other leading natural gas stocks that are trading higher today include Chesapeake Energy Corp (NYSE:CHK), and Southwestern Energy Co (NYSE:SWN). All of these leading stocks are still trading below the important daily chart 50, and 200 moving averages. This chart formation puts these stocks in a very weak technical position, therefore, all bounces in these stocks might just be short term as the trend still remains down.