Trading Oil & Energy Chart Patterns
Trading Oil & Energy Chart Patterns (April 2018)
The Energy sector ranked the last in the sector performances in 2017. In June 2017, Crude oil traded at a low of $42.37 and many analysts expected lower prices with a target of $40 or lower as energy market sentiment has been bearish. Since August 2017, Crude oil showed a significant bullish trend. In the last seven months, crude rallied and traded over $66 per barrel. Energy markets are showing strength with underlying market structure of lower dollar, global demand, and global growth. Many analysts think Crude may be fairly valued at $60 per barrel. U.S. Equity markets and energy stocks experienced a massive sell-off on Feb. 2nd in a pullback fashion after an extended rally. The Oil and Gas giants, Exxon Mobil (XOM) and Chevron Corp. (CVX), both reported fourth-quarter earnings that fell short of analysts expectations, sending their stock prices 5 to 6% lower. In 2018, energy stocks are expected to recover, and crude probably could rise to $75 to $80.
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