$XOM wedge break out, looks like it wants the bear gap on the daily If we can close the gap at the $107.78 PL we can extend to the $109 PL otherwise we double top and retest the $106.8 PL
Daily had a retest and got rejected. It could have more fluctuation around this area but likely more downside is ahead with in the next month.
Oil has hit some near term support at the weekly 200 MA but don't be fooled by this level. Its no longer a major support level. If tomorrows weekly close closes outside of the white wedge pattern this chart looks extremely vulnerable to more downside.
Been a while since crude futures were reviewed, and since the last post, crude categorically dropped... but it maintained a decent range between 70-80/82. The thing about crude now is that it appears to be coiling and is starting to show signs of a break out. Here is how I see it... the candlestick pattern (especially in the Daily chart, not shown here) is...
With the recent weakness in Oil and natural gas, its likely impacting the performance of XOM stocks going forward. XOM is testing some key areas. If the levels break the target on XOM is $100.00
Previously, posted about the head and shoulders (potential) breakdown of OXY, based on the technicals. Thereafter, there was a weak attempt to recover above the 23EMA, and it faked out. Yes, for a couple of weeks, it did look like a wrong analysis, wrong call, etc. BUT the point is not about being right nor wrong, but being able to read and read it well. For this...
Discussing all the major weekly trends for each sector.
Nice setup here in $XOM, new 52 week highs on higher than average volume with a Time@Mode trend signal confirmation this week. Monthly and yearly trends are up, overall oil stocks could continue being the best prospect with a potential rebound in inflation figures coming next, Russia 'cutting' production (likely forced to do so by the effect of crippling...
I think this is a low risk in energy here, I specially like $CVX due to the reward to risk ratio and general fundamentals and long term chart variables at play. Best of luck! Ivan Labrie.
I think this is the play right here, right now...Might be a nice swing to the upside for oil names, specially relative to the market. Best of luck! Cheers, Ivan Labrie.
Discussing all the leading sectors 0:15 XLK 1:40 XLV 3:45 XLY 4:45 XLC 5:37 XLP 6:26 XLF 7:33 XLI 9:00 XLU 10:54 XLRE 12:14 XLB 13:15 XLE
Relative Strength analysis of Sectors relative to Broader Market One of the fastest way to look for relative strength is to see how different sectors are performing relative to the broader equity markets. I have recorded this 20 seconds video, and it gives a clear answer right now only energy and tech are performing
Warning there might be a sharp deflationary crash in the markets soon.
short interest. projecting prices to drop in the short term
Take a look at this Nat Gas chart. It looks poised for a rotation of capital to come out of the SPY and buy it at these depressed levels.
Natural Gas is on pace for it greatest & fastest fall in price history. Nat Gas is hitting technical support in one of the most oversold conditions ever. We discuss some Nat Gas cycle history that may be useful in knowing how to trade Nat Gas.
Discussing all the leading sectors and stocks to identify major trends. This weekly timeframe is suitable for longer term investors but insightful for traders.
Oil the leading energy commodity is signaling negative price action. An MTop Formation is on watch. If we get a weekly close below $70 it triggers the Topping formation and sways the probabilities in favor's for more downside action. This large time frame pattern has a potential to go down to $20...I know, I can barely believe it myself. A clear weekly reversal...