• David Yocum

Stock Chart of the Week - 9/12/22 to 9/16/22

Today's stock chart of the week is $CIVI. Civitas Resources operates in the oil & gas industry.

This sector has been hot for some time now and many names are beginning to show the same look. Many retracements amongst the industry to its key EMAs on the daily and weekly timeframes prompt an excellent risk/reward entry for those who believe this sector has more growth left.

 

The daily chart has seen a steep decline over the last couple of weeks as price found support in the key zone marked on the chart along with the bullish EMAs.


The weekly timeframe for $CIVI shows a nice hammer off that same zone mentioned previously. You can see this trend has held strong minus the exception a few months ago which price still ended up reclaiming before turning bearish.

Overall, $CIVI and many other names have nice risk/reward setups following the recent dip in the market. This is prime condition to take advantage of these dips to find the tight stops with high rewards. Here are the IBD rankings for $CIVI:


 

Want to see this week's favorite charts along w/ special guest Bracco? Check it out below


 

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