Gordon_princess_Gecko
Long

Oil down almost 40% from ATH. Nearing 61.8 fib lines. Bounce?

AMEX:XOP   SPDR S&P OIL & GAS EXPLOR & PRODUCT
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Oil has been trounced, major decline since Jun 2014. Almost 40% has been wiped out because of OPEC being little kids and not controlling supply. Possible reasons are to combat the EV and solar industries.

Anyway, ETF is close to the retracement point, I have an alert for 46.8 and will go long when a few factors like OPEC readjusting their stance on oil price as well as watching how the ETF performs when it comes to that zone of the charts
Should OPEC cut output, they'll just end up propping up US shale producers. US shale is the problem here.
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is there an etf for shale then? perhaps a good hedge bet!
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