The sudden weakness today knocks oil below the 50ma and might suggest a more serious decline is taking place. Oil is overdue for an ICL decline and it has quite bearish COT positioning. The 50ma looks ready to roll over from what was a very steady advance.
Oil might tank with the stock markets, if they tank.
I will watch it for a bit longer, and consider once again playing DRIP, as oil stocks have been much weaker than Oil so far. Or DWT if that shows a better risk/reward stop. It's volatile out there and I want to make LESS trades in this environment.
Oil might tank with the stock markets, if they tank.
I will watch it for a bit longer, and consider once again playing DRIP, as oil stocks have been much weaker than Oil so far. Or DWT if that shows a better risk/reward stop. It's volatile out there and I want to make LESS trades in this environment.
It looks like XLE is breaking UP from consolidation and heading to recovery.
I think this better matches the fundamental backdrop of More Inflation Coming.
Even Uranium is looking good (URA, UEC)
XLE, GUSH, SWN, OAS, many others all look like a decent entry.
Trade War with China and hot war with Russia/Syria is really happening as of right now. That means Inflation inflation inflation.