Source: Jack Chan for The Energy Report 04/15/2017
Technical analyst Jack Chan charts a reversal in the oil markets and outlines his strategy.
$OSX is on a major buy signal, which can last for months and years.
Speculative sentiment, according to open interests in the Commitment of Traders report, suggests that current sentiment is too bullish to support overall higher prices.
What appeared to be a breakout this week was promptly reversed, thus resulting in a trend that is well established on the downside.
The energy sector is on a major buy signal. A correction is in progress. We have taken profits from our long positions and shall now wait for the correction to complete.
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.
Want to read more Energy Report articles like this? Sign up for our free e-newsletter, and you’ll learn when new articles have been published. To see a list of recent articles with industry analysts and commentators, visit our Streetwise Articles page.
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 …read more