Public Post – Energy on the Move

/3 Comments/in /by

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.

$WTIC 5-19s

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.

XLE 5-19

 

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.

NATGAS

 

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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3 replies
    • chartfreak1
      chartfreak1 says:

      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.

  2. Mm Eeee
    Mm Eeee says:

    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.

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