US equities are broadly lower. Meanwhile, WTIC is currently +3.0% in the $72s. The energy sector ETF of XLE is currently net higher for the week by +2.0% at $85.55.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $69.28, but swung to $72.90, which is very impressive, relative to the main market, and the stronger dollar. Underlying concern about the middle east? In any case, soft target 76/77s. Oil turns m/t bullish >$78.00, as seems an eventuality.
XLE: energy stocks opened weak, but are battling for sig’ gains, helped by the upside reversal in oil. S/t bullish.
notable stock: OXY
Early weakness, but swinging upward with oil.
Yesterday’s black/spiky candle initially played out.
S/t bullish, and the bolder bulls will be seeking teal gap.
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notable stock: DVN
The very cautious will be waiting to chase >200dma. If seen, it would bode bullish into the spring.
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Equities: sp’60min
We’ve a provisional floor from 4704, just 6pts shy of fully filling the gap.