We are not expecting crude oil or energy stocks to rally in a straight line up, but we are off to a good start.
The charts below show was the initial thrust higher to trigger the ellipse buy signal for both crude oil and the Oil and Gas Exploration ETF (XOP).
There will be more to say in the coming days as price secures a low from here. We are bullish here.
Check out our last article on $XOP wherein we highlighted our overall $150 target.
Crude Oil Chart
XOP Oil and Gas Exploration and Production ETF Chart
Twitter: @GuyCerundolo
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
