CRUDE OIL AND ENERGY ETFS GIVING BUY SIGNAL
(10/31) We had a cycle low today and overnight we hit a minor breakout out number and that may open a chance for 7175 into Sunday Geopolitical cycles are complex into Sunday night and there are concerns about Lebanese fuel depots being targeting and pre-emtive strikes against Iran coming so this mess is far from over and we should be accumulating oil at these oversold area with ETFs like USO. There are also hopes for peace with Lebanon in the mix.
Cycle highs dominate into Sunday but the market could be lower on Monday and then higher into Nov. 7th and Nov. 9th and Nov. 11th and Nov. 15th. That is enough time to give us a major breakout at 7225 and get to 8000. We have to buy the dips as the lower targets seem less likely now through mid-Nov. and there is too much time for a breakout.
Hence there is not that much time for a fall to lower targets of 6330 and we will assume higher prices into at least mid-November but a the 1 year cycle could create a larger set-back from there.
We like to trade energy with ETFs like USO and XLE:
USO: (10/31) We have to buy dips with higher prices into mid-November with next resistance at 7300 and then 7530. Buy targets at 7160-65 and 7130-35 and the risk is to about 6750.
XLE: (10/31) Mixed data as crude is better but stocks are not but oil stocks are very oversold and have good value and it may be too much to squeeze a few more drops out. Time to accumulate. Hard to see this market falling apart. Some longer-term stock market cycles are friendly into the end of the year after election wranglings are over.
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