Here are 6 reasons why it appears the energy stocks (via XES in this example) are still headed lower in the coming weeks. I remain longer-term bullish but near & intermediate-term bearish on the energy sector at this time including crude oil, XLE, XOP & XES. XES daily June 13th This chart is also a [...]
I returned from from my weekend trip later than expected tonight but in reviewing the charts, I really don't see much worth highlighting that wasn't already covered in the video as well as the other updates posted on Friday. Here's the my daily chart of $WTIC (crude oil) as of Friday's close showing the impulsive [...]
A look at the US stock market, crude oil & gold mining sector.
This most recent trendline break should bring crude futures back to test the key 50 level (49.90 is the level that I'm watching). A solid break below will have firmed up the failed breakout/bull trap scenario that I've been favoring. Also worth noting is the tight correlation between crude prices & the U.S. stock market [...]
The first target on $CL (crude oil futures) has been hit. While a reaction is likely, I favor crude prices ultimately moving down to the next target at 46.84 note: this is a 60-min chart of the July contract, as covered in yesterday's video, the previous static post (first chart below posted on Wednesday) showed [...]
This video begins with the outlook for crude oil followed by analysis of XLE (energy sector ETF) and XOP (Oil & Gas Exploration & Production ETF) along with the top components of each sector.
$CL (crude futures) look poised for a pullback to at least the 46.75 level (first target) & quite likely the 45.90 level (second target) or beyond if/when prices break below this 60-minute bearish rising wedge pattern. Comparable price targets on USO would be 11.50ish & 11.25ish with a continued move down to the 10.70 area [...]