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Strategies & Market Trends : The Art of Investing

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Dec 11 4:00 PM EST

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To: Sun Tzu who wrote (6302)	2/17/2023 9:36:28 AM
From: Sun Tzu	Read Replies (1) of 10695

Updating the oil chart. As I said in the post I am replying to, it was not the time to load up on oil. Now the chart is a bit more interesting. There seems to be a head and shoulder pattern forming. IF it breaks down, then oil will likely head towards 61 - 66 range. Presently, I think 62.5 would be a good place to buy because of the need to refill the SPR and China reopening. BUT, if at that time the global economy is believed to enter a bad recession soon, then oil may fall further. Otherwise, it will be a buy...and of course it is always possible that it won't break support and just bounces off of it. One last thing - we're entering the range in oil prices where the oil company stocks should begin to follow the oil price. So far they have been mostly disconnected from the spot price. Think of XLE as a very far out futures contract on oil.

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