Technical analyst Jack Chan charts recent movements in the oil markets, noting that the cycle has turned up and a major new buy signal has been confirmed.
Our proprietary cycle indicator has turned up this week.
$OSX has confirmed a new major buy signal, which can last for months and years.
Crude oil broke out this week from the consolidation.
Summary
The energy sector is on a new major buy signal. The cycle has turned up. We are moderately invested in the energy sector and holding for the long term.
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.
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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 was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid …read more