I think there is a fair chance that oil breaks out, maybe due to fears of war in the Middle East? Maybe due to OPEC extending production cuts, or maybe a bit of both, paired with Trump's comments of wanting a weaker dollar. I think energy positions are a good hold, and even a good chance to add to many, like OXY, PBR, MPC, PBF, to name a few.
Keep an eye out for the breakout here, if it's confirmed, XLE will shine surely. This would play nicely with Saudi Arabia's Aramco IPO as well, which makes a lot of sense to me.
Good luck,
Ivan Labrie.
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The uptrend's highest support level didn't hold, there is a chance we go down for a few weeks. I'm short, against my positions long in stocks.
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Watch the key levels below for support, and the one below yesterday's low. If we don't have follow through to the downside soon, it might just grind sideways, instead of falling.
already in XLE ( down for now , ] ,
but seasonally now is about the time to go up
thanks for your flavor of charting
+1
IvanLabrie
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@DeanT@G13Man, thanks for the comments guys, good luck!
KayJay
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nice analysis :)
IvanLabrie
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@KayJay, hi! The bullish scenario will be valid once the current downtrend fails, moving above the resistance at the top. For the time being I'm short, but looking to flip long at support below, see the OPEC cut key levels. Maybe we get a turn if we see a production cut in the US, or after the OPEC meeting, if production cuts are extended...The market might be awaiting that.
but seasonally now is about the time to go up
thanks for your flavor of charting
+1