Without a doubt, the previous week was the best week of 2017 for oil bulls. In that time, the black gold gained 5.48% and invalidated the earlier breakdown under the psychologically important barrier of $50. What happened at the same time with oil stocks?
Summing up, the outlook for oil stocks is currently bearish as the XOI invalidated the earlier breakout above the upper border of the blue consolidation (seen on the monthly chart) and the red resistance zone (marked on the weekly chart), which suggests another attempt to move lower and a test of the recent lows in the coming days.
Thank you.
Summing up, the outlook for oil stocks is currently bearish as the XOI invalidated the earlier breakout above the upper border of the blue consolidation (seen on the monthly chart) and the red resistance zone (marked on the weekly chart), which suggests another attempt to move lower and a test of the recent lows in the coming days.
Thank you.
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