Yesterday, we published an article highlighting the breakout potential in Canadian energy stocks as momentum and macro catalysts began to align. If you missed it, you can read it here: READ: Canadian Energy Charts Are Starting to Move

Today’s note is a follow-up, zeroing in on the oil service names—an area that has quietly started to light up our momentum scanner.

One of the key advantages of a robust momentum scanner is its ability to detect movement before it becomes obvious to the broader market. That early movement often precedes news, reflecting the simple but critical principle behind technical analysis: someone always knows something. And when they act, the charts start moving—often well before the headlines catch up. This behavior is especially common around major bottoms and tops.

What stands out now is that oil service stocks aren’t just popping up individually—they’re showing up as a group. That shift matters. When a neglected sector suddenly begins appearing across the board on our scanner, it often signals money rotating in—not just to one stock, but to the entire group.

We’ve been sporadically flagging this theme in recent setups and inside our Slack workspace, where our oil traders have been watching the service names closely. Many of these charts are either breaking out of bottoming formations or pressing up against significant horizontal resistance levels. That resistance is the battleground. If price action breaks above it with volume, it could mark the confirmation of a major low.

To be clear: this is not a guarantee—it’s a signal. Momentum appears to be building. The key now is to monitor price, react to downside risk, and be ready if breakout confirmation arrives.

It also makes logical sense that oil service names would follow the path carved out by Canadian energy producers. If Canada is truly on the path to becoming an energy superpower, as Mark Carney recently suggested—with new pipelines and infrastructure under discussion—then the oil service sector is well-positioned to benefit.

We’re watching closely.

CEU.TO – CES Energy Solutions Corp.

CES Energy Solutions is building what appears to be a potential bottoming pattern, with price action filling the gap and now pushing up against significant horizontal resistance. The PPO momentum indicator is crossing above the zero line, signaling a shift in momentum as it turns positive. Monitor for potential breakout signals above this level. The next levels of horizontal resistance are clearly defined on the chart, with possible resistance near the $7.63 price level.  

CFW.TO – Calfrac Well Services Ltd.

Calfrac Well Services isn’t showing clear signs of momentum yet, although the PPO momentum indicator is pressing up against the underside of the zero line. A recent surge in volume may suggest a potential washout low. Monitor for signs of upside momentum, particularly if service names and energy stocks continue to strengthen.  

ESI.TO – Ensign Energy Services, Inc.

Ensign Energy Services is pushing up against the underside of significant horizontal resistance. Monitor to see if price action can break above this level, which could open the door to the next key resistance area. That next level is technically important, as a breakout through it would mark a meaningful shift in the trend that many are closely watching.  

MATR.TO – Mattr Corp.

Mattr appears to be building a potential bottoming pattern, with price action pushing up against the upper trendline and horizontal resistance. The next major resistance level is around $12, marked by a large volume bar and a prominent price bar. Monitor to see if price action can begin to break out from this level.  

PD.TO – Precision Drilling Corp.

Precision Drilling was first featured in the daily setup around $64 when it began showing signs of life. Since then, price action has pushed into the next level of horizontal resistance at $69. Monitor for any breakout signals; if price action clears this level, there is little overhead resistance until approximately $80.  

PHX.TO – PHX Energy Services Corp.

PHX Energy Services is encountering significant horizontal resistance, supported by a notable increase in volume that began in early April as the bottoming structure started to take shape. The PPO momentum indicator remains positive, positioned above the zero line and attempting to curl higher. Monitor for any potential breakout signals as price action tests this key level.  

SES.TO – Secure Waste Infrastructure Corp.

Secure Waste Infrastructure was featured in the daily setups as momentum surged from the bottoming pattern. Price action is now approaching major horizontal resistance, as identified by the large volume-by-price bar on the left side of the chart. Monitor to see if price action can push above this level.  

SHLE.TO – Source Energy Services Ltd.

Source Energy Services is consolidating below a major horizontal support-turned-resistance zone, with price action beginning to push higher from a bullish flag formation. Notably, volume began to increase in mid-February as the bottoming structure started to form, suggesting potential accumulation. Monitor for signs of upside momentum, as the next level of horizontal resistance is clearly defined on the chart.  

STEP.TO – STEP Energy Services Ltd.

STEP Energy Services is thinly traded, as evident from the candle formations and today’s volume of under 7,000 shares. However, price action appears to be forming a potential wedge-type pattern, with the PPO momentum indicator consolidating along the zero line. Monitor for any breakout signals, keeping in mind the limited liquidity.  

TCW.TO – Trican Well Service Ltd.

Trican Well Service was first highlighted in the daily setups around $4.30 as price action began to firm along the upper trendline of its falling channel. Price is now breaking out, supported by rising volume that began in early April following a flush-out bar and signs of accumulation—a recurring theme across several setups. Monitor for signs of continued upside momentum as the breakout unfolds.  

TOT.TO – Total Energy Services Inc.

Total Energy Services is accelerating higher from its bottoming pattern and is now pushing up against major horizontal resistance, similar to many other charts in this report. Monitor for breakout signals, especially if the theme continues to benefit from broader momentum.

We’ll continue to track these setups closely in both our Daily and Weekend Reports, as well as inside the Slack workspace, where members are actively discussing real-time developments. Momentum in the oil service names is starting to show, and we’ll be watching for confirmation or failure as key resistance levels are tested.

For full access to our Daily and Weekend Reports—along with real-time setups and discussion inside the Slack workspace—you can subscribe HERE