US equities remain sig’ higher. Meanwhile, WTIC is currently +2.4% in the $78s. The energy sector ETF of XLE is currently net higher for the week by +3.3% at $86.24.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $78.50, helped by the positive main market. Today’s gain is a little more impressive considering the moderately stronger dollar. S/t bullish 81/83.
I am wondering about 2023. A geo-political shock would be the excuse for a hyper spike back above $100. Otherwise… recessionary forces will be a pressure across H1.
Again… I see oil and the related energy stocks as the very last thing to be short.
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XLE: energy stocks are higher with the main market, further helped by oil. The monthly settlement should remain comfortably m/t bullish >$79s.
notable stock: OXY
Momentum due to turn positive within 1-2 days.
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Equities: sp’60min
Bulls could argue we’re building a baby bull flag. The more important issue is that 3795 appears secure, with upside target of teal gap in the 3950s.