Oil, caution , watch your risk
Updated
Oil has been one of the best performing comodities this year , we have only been going up and for the first time , we have taken out multiple swing lows. Price is also at a very dated but solid trend line and at first sight , its screaming BUY. Unfortunately , all I see is bears pushing even harder. This is a place where price has to make a decision. XLE will also be something to watch.
Note
That Downward movement was what I was weary about, It tells me buyers arent willing to step up. That makes me doubt the sustainability of the uptrend , but one things' certain , the underlying trend is bearish.
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