I have breathed a sigh of relief over the past couple of days at what’s been going on with oil and energy stocks.
For weeks now, I have been excitedly watching the ARCA 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.
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.
