The price is at a significant multiyear support/resistance level. The support is also characterized by the trendline. The stop should be placed at around 53$. When the price hits the stop the support level A or B can be considered as the next entry. Targetarea is about 61$-62$
A little perspective here, the infrastructure buildout seems to be feeling interest rate increases. Here is an index chart built around four stocks CLF, CAT, XLE, and FCX, with the basket divided by the 10 year yield. The August 2020 peak is evident. Updated now.
Black Gold finally broke out from the 3 month cup handle pattern as mentioned last week! Although weekly chart was showing bearish, it was a bullish flag because the lows never broke. This week the momentum continues upward possibly in a big way. Extremely Bullish! Once it breaks 56.75, 59 will be the next target. XOM, SLB, NOV are yummy plays.
We have been in a strong uptrend (pink segment line) since November, which I have divided into 3 ranges.
We have tested the top of "Range 2" 3 times, and we are now breaking out. Either we continue into "Range 3", or we could potentially test the pink trend line once again (ghost feed representation)
Tomorrow jobs report could be...
It appears an oil supply shortage is coming. Even the EIA is worried about the current supply output by OPEC, which should push the price of oil higher. OIL companies such as XOM, and COP have not participated in the rally in oil price as much I expected. They are actually down today, while the price of oil pushes 71. I expect oil companies to catch up sometime...
Taking XLE buy based on sector performance and nice technical analysis.
Usoil has been pushing bullishly with high volatility in the summer, increased travel, and typically higher gas prices in summer months. expecting significant increase through rest of 2020.
overall had nice textbook break of weakly high.
price created a bullish structure above highs and...
Chart pattern: Bull flag
Entry: 54.06 $ (this would end the secondary downtrend of the correction)
Stopmanagement: SAR Parabolic 4h Chart default settings
Risk:Reward-Ratio: > 2:1
Intermarket-analyses: The recent CPI data indicates that we are in an inflationary environment which cannot be solely explained with the...
A lot of people are bullish in Oil just like a lot of people were bearish when Oil was over $140 and Bearish when Oil was down a year ago.
You have to look at your chart and trade when you are confident.
I was confident in Late march and in November.
Right now, I prefer to stay aside and wait for the fog to clear. IF it is bullish, there will be plenty of chance...
XLE is seeing a bullish crossover on the macd on the daily timeframe and holding pivot support. I believe we can see a bounce off these levels and test the previous high. With reopening in focus and strong performance in energy in the recent week (also earnings of big energy names such as XOM on friday) we can see a potential quick rise in energy stocks.