Olive Oil

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The past couple of days, I have breathed a sigh of relief at what’s been going on with oil and energy stocks. For weeks now, I have been excitedly watching the Oil Index creep toward major resistance, and the moment it touched the resistance trendline, bang, it reversed. That was a terribly close call. The long-term setup is mesmerizing.

slopechart XOI

Looking much closer, you can see we are at a vitally important decision point. Just one decent down day will crack that trendline, and we’ll be off to the races.

slopechart XOI

As always, click either chart for a much larger and more readable version.

On a totally separate note, paying members, please note there is a post for you here. I wanted to make a point of it since Gold and Platinum members are notified via email, but Bronze and Silver folks are not.