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Iraqi workers are seen at the Rumaila oil refinery, near the city of Basra, 550 kilometres southeast of Baghdad, on Dec. 13, 2009.
Iraqi workers are seen at the Rumaila oil refinery, near the city of Basra, 550 kilometres southeast of Baghdad, on Dec. 13, 2009.
(Nabil al-Jurani/AP)

Energy stocks oversold despite Iraq turmoil

The S&P/TSX Composite fell 0.62 per cent over the past five trading sessions and its Relative Strength Index (RSI), my favoured technical indicator, remains in the middle of the range between the 70 sell signal and 30 buy signal.

The oversold, technically attractive list hasn’t changed all that much from last week, as the punishment continues in the oil patch. I’m honestly surprised that the energy sector and the crude price didn’t pop Friday morning as the U.S. strategic bombing of ISIS targets in Iraq began.