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 ^
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