US equities are battling to hold broad gains. Meanwhile, WTIC is currently -0.1% in the $86s. The energy sector ETF of XLE is currently net higher for the week by +3.7% at $64.59.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed a new multi-year high of $88.84, if cooling back to the 86s. Set for a net weekly gain of around +1.5%. S/t overbought, with daily momentum prone to turning negative next Tuesday.
XLE: energy stocks are pretty unstable, if still set for a powerful net weekly gain. S/t vulnerable with oil and the main market.
*I remain seeking to buy back OXY, SLB, RIG, KMI. Considering the main market, I have to continue to wait.
notable stock: OXY
The third black candle has turned red, and argues to s/t bullish exhaustion. S/t momentum is offering a lower cycle high, and prone to turning negative next Tues/Wed’
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Equities: sp’60min
Price action remains twitchy. S/t momentum is marginally positive, but it won’t take much to turn it negative into the weekend.