ENERGY ISSUES A BREAKOUT SIGNAL
(3/14) The market took out the key 8030 region and we will see 8220 before a setback. The market has to take out 7880 to issue a minor sell signal for 7600 and that is in doubt
Above 8000, we are favoring a move to 8400 next and pullbacks holding 7850 and eventually finishing in late March toward 8562. It’s very real.
We ran cycles through early April and the market looks higher into the 20th with a pullback into the 22nd and then higher the week of the 25th -29th. The first week of April looks lower. We will assume that the market has a better chance of breaking out vs. taking out 7500 and continuing to invest in dips in energy vehicles. Longer-term patterns into the spring point toward 9000 and 102.00 and seasonal gas and jet fuel usage goes up.
Cycles and patterns could easily get the market back up to 8562 this month.
For ETF traders like USO up to the 7870 region before we get a setback but XLE does not have much room above 92.50 before we get a setback to 8905 or more. Sign up for a two week trial to keep up with exciting markets. For a limited time only 29.95 at
