Precarious Energy Sector

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.

xle

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.

xle

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.

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