Public Post – Energy on the Move
WTIC– I have mentioned all along that a drop to test the break out could come. The 50sma is in that area. OIL has been strong, and it did start to dip. Click on the chart & look closely, It is at recent consolidation lows, but could drop further.
XLE– this is near / at the target that I had for it. It is quite oversold too. If oil drops to the $54 area, will some energy stocks break down? Or will the XLE lead , and reverse higher? Lets watch it.
NATGAS – remains bullish in my opinion, still above the 10sma. A high volume reversal in overbought conditions can indicate further selling however, so if you are trading NATGAS with leverage ( Many here use UGAZ) you likely sold. I still think NATGAS is going higher, but it does look like it can drop further from here. If so, I think it will be buy the dips.
So much has changed , but nothing has changed. Things look bullish as they rise, and bearish as they drop. I am trying to remain unemotional and just see how things play out. I am watching the dollar and commodities for further clues going forward with Commodities. The FOMC minutes from the end of April are released at 2 p.m. That can trigger reactions in any sector too. As always honor stops and dont worry if you take a small loss, it preserves funds for future set ups when the selling dies down.
Happy trading
~ALEX
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Any opinion on bitgold, XAU.V ?
Hi Mm
Sorry, I really dont. I pulled up a chart and it only showed 7 days of trading. Stockcharts is down, so I cant loook it up there right now. I’d need more history.
Thanks for reading here though.
Thanks, yes its only been around for 1 week or so and gone up and down like crazy-too wild for me! It is a service like bitcoin but gold backed so very interesting and unique.