goodguy

OIL index at critical point: update

Long
goodguy Updated   
NYSE:XOI   NYSE ARCA OIL AND GAS INDEX
This is a follow up from my April post. (see link below if interested).
The target I had has been hit. We had a reversal candle today so far. So check after the close.
The low recently touched but did not go below the level "a or 1"(754) . If it does near term it would likely indicate that all this the up action is a correction. If it does not and price goes above the current near term downtrend line then likely we have more up action ahead.
I trade this with the XLE ETF. I went long today. Personally I will use a close below 754 as my stop. Process your way.

Trade closed: stop reached:
XOI closed at 752 today. Would not be surprised to see more down side ahead.
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