Alex_Quiroga
Long

Bullish Oil Futures = Oil & Gas Equipment Companies (#1 DRQ)

NYSE:DRQ   DRIL-QUIP INC
This is one of the more basic principles in the correlation between industries and is very easy to understand, in this case the theory suggests the following: If the price of Oil             2.20% is bullish then Energy Companies react to this in the expectations of better earnings in the future and this is reflected in the behavior of the share price and in the process they raise up other sectors, like Oil             2.20% & Gas Equipment Companies because they need more equipment to increase the production. if I understand this concept.
But this carried a risk too, if Oil             2.20% Futures drop, the same concept but the other way around.

Now go to the chart
With only a support line in the 50.00 area I can interpret the situation here because this support was key in the past until it broke but in the past months from November 2017 the price react with fury against this resistance level and recover the land that belongs to him killing the short sellers and executing the stop loss of the bears.
In my own words this is called a short squeeze because this market was in the hands of the bears and now the situation is reversed, is the bulls that now are in control.
Wait for a pullback around the 50.00 or 51.00 area approximately

My job is to find in the market this type of situations and put the idea in the desk of Managers and Traders.
I do this process manually, without the use of a Stock Screener.
This is called discretionary.
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