WTI at pivotal level, key moment for the market
Technically, CL2! is at crucial level as it is challenging a key resistance area, corresponding to 2018 lows. A breach above this resistance could have major bullish implications for oil prices and for the weak energy sector (XLE), over the coming months. Significant increase in oil prices could be seen as inflationary, pushing yield to the upside and increasing value stock appetite. On the other end, a failure to surpass those levels would call for the continuation of the underperformance of the energy compartment. We are at crucial levels. Stay tuned.
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