I’ve seen a few opinions around stating that the oil stocks won’t be coming back. Some say they’ve had their run, and a sector shift has happened. Well, I’ll just keep my eyes on the charts. Those charts are telling me commodities are bouncing, and could be making a comeback.
If you’re investing, trading patterns used short-term, work just as well long-term. Looks like the weekly AMEX Oil Index – XOI, has put in a buy signal. Higher lows and higher highs. The oil stocks seem to still be in a steady uptrend. Be braced for higher oil prices.
Gold stocks opened lower, but didn’t waste time breaking through the trendline I showed yesterday.
Resistance in the 150 area has held back the XAU for a year. The index has put in a higher low pivot on the weekly chart. Maybe those bulls are in control. We’ll see if they can push through that area on another run.
