Are oil stocks breaking down?

Today was not a good day for many energy related stocks. When I look at the charts of some of these companies, their price and volume action is not very good. They are either posting multiple reversal days (where the stock opens, moves higher and closes near the low end of its trading range), or simply rolling over on increasing trading volume.

Here are some charts that do not look good;

• Helmerich & Payne (HP) 3 reversal days in a row on good trading volume near its 52 week high.
• Joy Global (JOYG) 2 days closing in the middle of its trading range near its 52 week high.
• Halliburton (HAL) rolling over and possibly headed to $42.
• Atlas America (ATLS) struggline and heading lower
• National Oilwel (NOV) Multiple reversal days and potential exhaustion gaps
• Apache Petroleum (APA) heavy volume down days
• Carrizo Oil and Gas (CRZO) big down volume day followed by big volume up day with little price movement
• Arena Resources (ARD) wide and loose price action with reversals off the high
• Stone Energy (SGY) Big drop on heavy trading volume from $67 to $62

Many of these stocks had great moves but are looking very tired. Oil has also fallen in price and many mutual funds have large holdings in energy stocks. They are going to need to unload them at some point and at the least, I would hold off buying any until they begin to show some signs of stabalization or the price of oil stabalizes.