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Energy Behaving Technically Well

Energy Behaving Technically Well

Courtesy of Tim Knight at Slope of Hope

I’m starting to think I should just sit around and trade energy and commodity ETFs instead of all these other stocks. I really like how they are behaving from a technical perspective.

As you may recall from yesterday, I had entered the day with a bunch of big shorts in USO, GLD, GDX, and OIH. I covered them all yesterday. I even went long OIH shortly before the close, expecting a bounce. (It did, and I’ve sold it off already).

Just look at USO below. You can see how cleanly it is bouncing off its lines. I think it’s getting pretty messy at this point, but I’m inclined to say that, after this morning’s bounce, it might be ready for another bearish trade.

0730-uso, uso chart 

[click on chart for larger image]

 


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