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Is Oil Losing Momentum?

Friday, 26 Mar 2010 | 5:45 PM ET

Oil slipped below $80 on Friday and the loss of momentum has some Wall Street watchers very bearish on its next move.

Katie Stockton of MKM Partners tells the desk the techincals suggest oil could make a sharp move lower.

Oil seems to have lost intermediate term momentum, says Stockton on the Halftime Report. I expect it to trade to the high $60 dollar per barrel range on that loss of momentum.


And if you look at the XLE patterns suggest that’s the energy SPDR is broken down, she adds. That tends to yield a pretty sharp decline and a sharp phase of underperformance in the sector.




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Trader disclosure: On March 26, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (AAPL), (BAC), (BX); Najarian Owns (BAC) Call Spread; Najarian Owns (C) Calls; Najarian Owns (TCK); Najarian Owns (YHOO) Calls; Najarian Owns (LMT) Calls; Terranova Owns (IOC) Puts, Strikes; Terranova Is Short (GS), (CAL), (UAUA); Grasso Owns (AAPL), (ABK), (ASTM), (BA), (BAC), (BGP), (C), (COST), (CSCO), (PFE), (PRST), (WMT), (JPM), (NEM); Stutland Is Short (GLD); Stutland Equities Is A S&P 500 And VIX Options Market Maker; Stutland Equities Is Short VIX Near Term Volatility, Is Long VIX Long Term Volatility; Cortes Is Short Euro vs. U.S. Dollar

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