VLO - Potentially, it looks rather bearishly positioned. The chart is readable as a large correction in need of a "C". Under 51 or so, it is possible that the said "C" might be already in progress.
stockcharts.com[p,a]daclyyay[pb50!b200][vc60][iub14!la12,26,9!lyb20,2.0][J64994665,Y]&listNum=1
XLE can be seen in the same loight:
stockcharts.com[p,a]daclyyay[pb50!b200][vc60][iub14!la12,26,9!lyb20,2.0][J61284747,Y]&listNum=1
OIH is stronger, but it may also be working on an Expanded flat.
A key stock like XOM made an impulse down off the September top, and it is rather precariously positoned, as if ready to make a "matching" move down, to complete a zigzag correction.
stockcharts.com[p,a]daclyyay[d30][pb50!b200][vc60][iub14!la12,26,9][j61284749,y]&listNum=1
How all this fits with the fact that Commercials are still long? I don't know. Maybe Commercials wouldn't mind getting even "longer". Or, maybe this analysis will not work out - the charts suggest an impending leg down, but it's just probabilities. But that's all we got, so, that's what we have to play. |
