Potential Double Top In Oil
Updated
I'm of the opinion that the oil market has gone too far, too fast (along with a bunch of other commodities), and I'm looking at this as a potential spot to get some short. Even prior to covid, in what you might call a "normal" supply and demand environment, oil stayed between 75 and 27, with the majority of the price action occurring between 65 and 43. Oil is at a decision point right now, where it can either break out to new highs on inflation concerns with a target at 75, or it can break back down as some of the hot air comes out of it, with a target of 43. Either way, Oil is something to watch for the next few weeks. My bias, plus the fact that XLE is weakening -> lagging on most RRG charts has me looking short here. At the very least, short vs SPX or other strong stocks / sectors.
PS: This is formerly Pholesolus! I've changed around my profile & I'm in the middle of starting a research service. Updates coming soon!
Cheers!
PS: This is formerly Pholesolus! I've changed around my profile & I'm in the middle of starting a research service. Updates coming soon!
Cheers!
Note
Note
Here's some of the zoomed in price action ^
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.