For me – and NFTRH in general – Energy has been an ‘avoid’ all year.
Currently, XLE is on a daily chart breakdown that it tried and failed to remedy yesterday.
The monthly chart shows a long-term uptrend that is intact. Now the Head and 2 Shoulders drawn in is really just TA ‘men who stare at charts’ type stuff… unless XLE loses 60.
This morning the news is that the Saudis are going to try to manipulate oil prices upward (despite Trump, ha ha ha…) but the market does not seem to care. As was noted in the linked post, Trump and the Saudis are not deciding on low oil. Nor will the Saudis ‘decide’ on higher oil. Let the chips (and markets) fall where they may.
Subscribe to NFTRH Premium (monthly at USD $33.50 or a 14% discounted yearly at USD $345.00) for an in-depth weekly market report, interim market updates and NFTRH+ chart and trade setup ideas, all archived/posted at the site and delivered to your inbox.
You can also keep up to date with plenty of actionable public content at NFTRH.com by using the email form on the right sidebar and get even more by joining our free eLetter. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.