XLE, Oil going lower, similar HS patter repeats
Oil heading lower, 60 could be in the cards. Unusual spike in consumer spending on travel weakens, Summer driving demand slows. Bidens releasing more SPR doesn't help, prices heads lower, but doesn't encourage spending what ya don't got, and any excess cash goes toward food inflation which is unofficially skyrocketing, in case you haven't been to the grocery lately. Someone is deliberately destroying facilities where food is processed and stored. Not to mention trains derailing, limiting further supply of what they are transporting, even if it is chemicals, that we all use? Bottom line, consumer demand weakens, the FED's raising rates finally hits economy, FED gets their demand shock, oil lower. XLE nice short position here. Head and shoulders pattern begging for lower.
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