Oil was rallying yesterday and today. Stocks were in pullback mode. As oil holding its highs and stocks their daily cycle lows I think there is a decent chance that ERX printed the daily cycle low 3 days ago. It broke out of the descending channel tested back and heading to new highs.
I'm writing this before market close so all who not positioned in oil or oil shares yet I think it's the last good opportunity to go for long in this sector.
The risk is low if someone wants to put a stop loss I would put it below the DCL at 24.54.
The target price is between the 300 EMA (36.93) and 2015. November high (40.45).
I will post when the time comes for "ERXIT" :)
I'm writing this before market close so all who not positioned in oil or oil shares yet I think it's the last good opportunity to go for long in this sector.
The risk is low if someone wants to put a stop loss I would put it below the DCL at 24.54.
The target price is between the 300 EMA (36.93) and 2015. November high (40.45).
I will post when the time comes for "ERXIT" :)
Comment:
This one is going to print a crazy rally with oil in panic buying and stocks in a rally out of the DCL...
