US equities remain broadly higher. Meanwhile, WTIC is currently +0.8% in the $72s. The energy sector ETF of XLE is currently net higher for the week by +2.8% at $55.17.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $72.28, helped by the positive main market, and a weaker dollar. Next resistance 74/75s, and then psy’ $80.
XLE: energy stocks pushing upward with the main market and oil. A net weekly gain appears probable. M/t bullish, with multi-week price structure of a bull flag. Next resistance 59s. Any price action >psy’ $60 would be decisive.
*I hold OXY, SLB, MRO, RIG, KMI, having added to RIG, and picking up XOM this morning.
notable stock: OXY
Soft target green gap $31s. Momentum due to turn positive tomorrow.
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Equities: sp’60min
S/t momentum is on the extremely high side, but I’d note that many stocks (such as OXY) are only in the process of seeing daily momentum turn positive. At best, bears might see sideways chop, before resuming upward to new hist’ highs.