Energy stocks have been consolidating as major companies report earnings. Now they could be back in focus with inflation still rising and the economy reopening.
The most important feature on the SPDR Energy ETF’s chart is price zone around $56. It was a crucial support area in January 2020 before XLE crashed to a generational low. It was also a peak in June, but...
XLE has been on a run for a while due to ridiculous government policies and higher inflation. This soon to be break out will confirm what we already know. Inflation will continue and it will be ugly. Get ready folks.
This is not a recommendation to buy or sell. It is for information purposes only.
Consolidating here to the third degree and looking for an eventual downward Wave B. Even if its a shallow pull back, there is still much time and space for this thing to drop in the coming days or weeks.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in...
Short-term Elliott wave view in Energy ETF (XLE) shows a 5 waves impulse structure from August 19, 2021 low. Up from there, wave 1 ended at 49.69 and pullback in wave 2 ended at 46.47. The ETF then extended higher in wave 3 towards 59.41 and pullback in wave 4 is also proposed complete at 57. The 1 hour chart below shows the internal subdivision of wave 4 as a...
Overbought on the daily and reaching top of both daily and weekly channels. Not to mention printing one ugly bearish weekly candle. Looking for a pullback towards $51-$52 area but will need some market weakness to happen. 54.50 - 54.80 support will need to be broken as well and where I plan to reduce 50% of my short position from Friday.
Pushing up against its 7yr bear channel.
I notice on a smaller scale the double bottom playing out since 2020 which I highlighted in white.
With this momentum from increasing oil supplies I expect we could breakout here
We are on the edge of credit bubble bursting into flames lol. All this is going to be deflationary environment NOT inflation. You can't have inflation without credit. I believe we are on the edge of commodities meltdown cause by THE GREAT RESET of the world's credit system. Not the kind of reset everyone is expecting which is inflationary. This is going to be The...
That's right. Short on this one and we are right in a middle of a corrective zigzag on this one. we may have very transient and short upward transient movement, but then that will be followed with an honest conversation with gravity.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci...
AVD in white
Crude oil CL1! futures in pink
Notice the accumulation since the July low. The range between 51 and 47, shown as a darvas box, is now very clear.
Darvas would play these as breakouts with stops below the low of the box, but I prefer to bottom fish the low end of the range.
I have not been a fan of Oil for some time, but I can't ignore this price action lately especially after last week close. XLE has cleared a key pivot out of this multi-month consolidation. We may have a perfect storm of reduced production in the new green economy merging with increased demand due to a post covid surge in economic activity. These two factors...
Energy stocks, crude oil, and the XLE energy ETF all flashing buy signals. $100 oil looks invitable.
From failed moves come fast moves, and oil/energy stocks failed an attempted breakdown below the neckline.
A few favorite long ideas: $LPI, $AMPY, $XLE, CL1 (futures), $XOM
XLE is has pulled back over 15% from its high. Yielding 4.5% now. If you believe inflation is not just transitory and in the reopening of the US into 2022, this is a good idea. I've never been a big fan of energy but their are several tailwinds possible to continue to drive this higher into next year.
Scanning through the sectors I noticed something quite clear, an inverted head and shoulders with a possible retest playing out. This is supported by the laguerre rsi below. I'm expecting prices for XLE to go higher and potentially confirm a megaphone pattern.