I’ve pretty much hung up on the towel on energy shorts (2023 represents a locker room full of hanging towels, actually). Oil, represented below by way of USO, has clearly broken above its right triangle.
We can see this reflected in the energy sector fund XLE:
As well as XOP:
Long-term, crude oil could still get hit hard, but my time horizon has shifted dramatically in recent weeks. Suffice it to say I have very little patience for positions that don’t behave themselves properly.
