Technical analyst Jack Chan charts the latest moves in energy market, noting a major buy signal.
$OSX is on a major buy signal, which can last for months and years.
COT data is supportive for overall higher oil prices.
Our trading model identifies the buy zones in a bull market, simple and effective.
Crude oil is flagging, which suggests a breakout soon.
Oil stocks are consolidating in a falling wedge, which also suggests a bullish resolution.
Summary
The energy sector is on a major buy signal. Prices are now in our buy zone. We are holding energy sector ETFs for long-term gains.
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Jack Chan is the editor of simply profits at www.simplyprofits.org, established in 2006. Chan bought his first mining stock, Hoko Exploration, in 1979, and has been active in the markets for the past 37 years. Technical analysis has helped him filter out the noise and focus on the when, and leave the why to the fundamental analysts. His proprietary trading models have enabled him to identify the NASDAQ top in 2000, the new gold bull market in 2001, the stock market top in 2007, and the U.S. dollar bottom in 2011.
Disclosure:
1) Statements and opinions expressed are the opinions of Jack Chan and not of Streetwise Reports or its officers. Jack Chan is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation or editing so the author could speak independently about the sector. The author …read more