This video provides a comprehensive overview of crude oil, the energy sector (via XLE) and over a dozen of the top components of XLE. Numerous trade ideas, including objective entry points & price targets on USO, XLE and some of the most attractive trade setups on individual energy stocks are covered. The video begins with the outlook for crude oil & USO (crude ETF), followed by coverage of XLE & over a dozen of its top components.
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Excellent outlook vid!
Thanks. Definitely longer than most but I wanted to do an overview of both crude & the energy sector as well as provide numerous trade ideas for those interested. Glad you enjoyed, now we just need crude to start moving lower. ;-)
Tomorrow’s action should be telling to confirming the charts as it’s double news day: EIA report at 11AM EST and news from OPEC probably by the time we start the trading day.
API report is out and it showed a 2.35Mil build as opposed to an expected draw.
fwiw, it will probably be a draw at Cushing – possibly around 500-600k bbl
Any updated plan of action on WTI short trade after news today?
@j1persi – Not sure if you are referring to the OPEC meeting or the crude inventory report but either way, I don’t react to news when trading unless that news significantly changes something in the technical outlook for my position. The USO/UWTI short was based off the technicals & so far, nothing has changed for the outlook for crude. USO & WTI is still trading below the bearish rising wedge patterns following the recent breakdown & the suggested stop for the trade remains on a move above 12.35 on USO. I’m not crazy about the fact that crude erased today’s… Read more »
Randy, thanks so much for the feedback and reassurance. Great points on being a disciplined trader. Yes I was referring to the opec meeting and EIA report. I had a position in DWTI from Tuesday at 72$ after the spike yesterday to 79$ I put a stop in at 74$ and unfortunately it triggered. Today I re entered at 78$ :/ not a wise move with DWTI back to 74$ Now. Hoping the trade pans out.
An observation on crude. Yesterday and today it bounced exactly from the 20DMA. Seems to have an importance, or maybe just a coincidence with USO bottom of the channel.