Moreno looked at the daily chart of Exxon-Mobil and pointed out that the stock broke down below its 50-day moving average in early December, which sent it plummeting. It then went through an erratic period before rallying dramatically in a straight line for the last month.
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Moreno also noted that the Moving Average Convergence Divergence indicator, which helps technicians predict changes in a stocks trajectory, is tracking higher to reflect positive momentum.
However, Moreno worried that because the stock has rallied so hard lately, the overall volume has been declining. He interpreted the weak volume as an indicator that this run could be deceptive.
Overall, Moreno found that the technicals were sound for Exxon but is skeptical that the stock could continue to roar higher. Until the volume gets more positive, he suggested holding off.
Next up was Chevron, which was much more compelling for Moreno. Last week, the stock finally broke above a key level of $85 and is only a few points away from another ceiling of resistance at $89.
Moreno also found that the Chaikin Money Flow oscillator, an indicator technicians use to measure key levels of buying or selling pressure, was very positive for Chevron. He also liked that the stock has underperformed versus Exxon in recent months, and it could be poised to play catch up with Exxon.
Additionally, Moreno found that oil plays like Schlumberger and a riskier production stock like Pioneer Natural Resources could be ready to roar higher.
"We have to remember one key thing. These charts may look good right now, but you need to remember that this can all change in the blink of an eye if the price of oil keeps going down, which could ruin everything," Cramer said.
If oil can hold above $30 a barrel, than the charts will remain bullish and Cramer thinks Moreno could turn out to be right — even as he is skeptical that it could.