XLE Ascending Triangle to be formed
While the horizontal line continues to be drawn along the swing highs, and a rising trendline to be drawn along the swing lows, XLE is forming the ascending triangle pattern as a bullish information. The target could be taken at the horizontal line which also considered a resistance and a stop loss could typically be placed just outside the pattern on the lower band which is at roughly 58-59 levels.
On the fundamental side, here comes the news as Supply threats push oil prices higher.
Crude futures surged as much as 1.7% overnight amid threats to supply, but have now pared some gains, up 0.5% to $58.86/bbl.
Forces loyal to Libyan commander Khalifa Haftar blocked exports at ports under his control, causing the National Oil Corp. to declare force majeure, which can allow Libya to legally suspend delivery contracts.
Iraq also temporarily stopped work on an oil field on Sunday and supply from a second production site is at risk amid widespread protests.
Besides, during 1/2 through 1/13 sessions, there were some bullish bets detected on the options chain that total valued around 1.32 million long calls strike from 61.21 to 65.21 expiring in Feb, March and Jun.
On the fundamental side, here comes the news as Supply threats push oil prices higher.
Crude futures surged as much as 1.7% overnight amid threats to supply, but have now pared some gains, up 0.5% to $58.86/bbl.
Forces loyal to Libyan commander Khalifa Haftar blocked exports at ports under his control, causing the National Oil Corp. to declare force majeure, which can allow Libya to legally suspend delivery contracts.
Iraq also temporarily stopped work on an oil field on Sunday and supply from a second production site is at risk amid widespread protests.
Besides, during 1/2 through 1/13 sessions, there were some bullish bets detected on the options chain that total valued around 1.32 million long calls strike from 61.21 to 65.21 expiring in Feb, March and Jun.