Oil keeps partying, industry struggling

At the first glance Oil appears to be on the rise, no explosiveness, but seemingly a slow'n'steady upward moves. However, the companies/ETFs in the industry don't seem to share the excitement. The few on my watch list are all in red today: ERX, XLE, SDRL, NADL, TGL and even the respectable XOM (some also ended red on Friday).

Anyone else thinks it's an indication of a near-term correction coming?

Some are a way more bullish than I am, but I don't think Oil is ready for a breakout yet. I believe we'll get back into the triangle formed in-between the bearish trendline from the all-times-high and the current year uptrend (black lines on my chart).

تعليق:

Once we are in the triangle again, no single direction is impossible. However, at this point I'm rather bullish in the mid-term.