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XOI

OIL index at critical point: updateThis is a follow up from my April post. (see link below if interested). The target I had has been hit. We had a reversal candle today so far. So check after the close. The low recently touched but did not go below the level "a or 1"(754) . If it does near term it would likely indicate that all this the up action is a correction. If it does not and price goes above the current near term downtrend line then likely we have more up action ahead. I trade this with the XLE ETF. I went long today. Personally I will use a close below 754 as my stop. Process your way.
NYSE:XOILong
by goodguy
Follow on OIL Gas Index with near term target In the last few weeks the OIL and Gas Index has risen even though crude dropped again despite the agreement of major producers to soon start cutting production by 10%. The gain Friday is encouraging that the rise has further to go. If this is just part of a upward correction a likely target is given. If it quickly starts down again to complete a downward correction the stops I am using are shown on the daily chart. Personally I thing is part of a basing for a major longer term rise given the degree of drop since 2007. (see link for longer term chart). This is just my opinion. Process your way. Feedback always appreciated. Take care. Have a great weekend.
NYSE:XOILong
by goodguy