SPDR Series Trust SPDR S&P Oil & Gas Equipment & Services ETFArca
Description
⋅
This is just to flag a key industry that, so far, has lagged the broader energy production complex. Certain individual services stocks are moving strongly, while others are languishing or making all time lows. Volume profile suggests accumulation. Something will give so this seems to be an important sector to watch in 2023.
Comment
⋅
Breakthrough week. However, its overbought on all time frames. Should thrust higher given the prior attempts at 83-84. Weekly close below that level as stop for the coming week.