Oil Stocks – Time to Get Back In?
For the past six months the price of Brent Crude has quietly marched upward from $44 to over $60 which represents more than a 35% gain.
Despite these gains in the underlying commodity, oil-based stocks have been slower to recover from their recent collapse, however some oil stocks have begun to show signs of strength.
One such stock is Enbridge (ENB-T) on the Toronto Stock Exchange (TSX) which has been showing signs of strength since November.
If ENB-T can maintain its current trend line and break above resistance @ $52 I will be a buyer.