Sure tech can have another couple % up as the rotation is underway, but this chart looks quite convincing to me especially with the weekly bullish div on the macd.
Then we have a bullish engulfing weekly candle...
Atop of that, last week Cramer said this oil rally should be faded.
Buffet has been buying (oxy). Although he is not an immediate reversal signal, it shows that the valuation of these companies is at a good area in his eyes.
I would love a small pullback tomorrow but I am not sure we get that. The entry now is not bad, the stoploss would be below the channel which is only 5% loss ish, for an implied 30+% move up.
Then we have a bullish engulfing weekly candle...
Atop of that, last week Cramer said this oil rally should be faded.
Buffet has been buying (oxy). Although he is not an immediate reversal signal, it shows that the valuation of these companies is at a good area in his eyes.
I would love a small pullback tomorrow but I am not sure we get that. The entry now is not bad, the stoploss would be below the channel which is only 5% loss ish, for an implied 30+% move up.
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I got in today on the pullback @ 58.80註釋
On the small but insignificant timeframes, we have a breakout and a retest over with.註釋
Okay so here is oil. I do think we may get some sort of fake out to the downside here, in the short term, 1 to 2 weeks timeframe. 62 dollars or so, which would be a wick after the day ends.50/50 chance on this, like anything else.
That being said, The long term for oil if were following a markup like the prior 2 cycles, would send oil close to 500 before a deep correction back to 130 ish, and then settling out at 250 ish.
I dont make the rules, I just take a look at history and see how it may rhyme.
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Rest of market falls and oil is breaking out of a falling wedge.The stocks eventually follow. they already are, somewhat.
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With oil about to make another push, So will oxy. Next target marked, however, in a few years this wont even show up on the chart, it will look like an ant hill. Short timeframes are interesting, only in that they help hone your T.A
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I have a hunch were going to break out of this range on this attempt... but conservatively one could exit the position at the top of range.註釋
It is going to become abundantly clear to people that energy is an outperformer, and they will pile in. IMO. However, we are past the point of a low risk entry, so I would never suggest anyone buy now.
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Trash price action in oil and oil stocks. lower before higher IMO
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