Oil keeps partying, industry struggling
Updated
At the first glance Oil appears to be on the rise, no explosiveness, but seemingly a slow'n'steady upward moves. However, the companies/ETFs in the industry don't seem to share the excitement. The few on my watch list are all in red today: ERX, XLE, SDRL, NADL, TGL and even the respectable XOM (some also ended red on Friday).
Anyone else thinks it's an indication of a near-term correction coming?
Some are a way more bullish than I am, but I don't think Oil is ready for a breakout yet. I believe we'll get back into the triangle formed in-between the bearish trendline from the all-times-high and the current year uptrend (black lines on my chart).
Anyone else thinks it's an indication of a near-term correction coming?
Some are a way more bullish than I am, but I don't think Oil is ready for a breakout yet. I believe we'll get back into the triangle formed in-between the bearish trendline from the all-times-high and the current year uptrend (black lines on my chart).
Comment
Once we are in the triangle again, no single direction is impossible. However, at this point I'm rather bullish in the mid-term.
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