As a follow-up to the recent USO / UTWI trade idea, here’s the daily chart of $WTIC (Crude Oil spot price) showing the same bearish rising wedge pattern, along with some key support & resistance levels. Should my call for a drop in crude prices play out as expected, that would almost certainly bring down the energy stocks & related ETFs such as XLE & XOP (and likely US equities in general) down along with it.
$WTIC daily May 26th