Crude Oil Price Reversal Positive For Energy Sector & Stocks

crude oil futures price reversal higher buy signal chart august 11

Crude oil prices have reversed course and are pushing back higher once more. This comes after oil prices held a key support level.

The latest price action is a near-term positive for Crude Oil (and the Energy sector) and has me looking for a push higher in the days ahead. In fact, I think there is a good possibility of pushing back to new all-time highs in weeks ahead before seasonal weakness sets in.

Note that both Natural Gas and WTI Crude Oil firmed up on Tuesday and this could be a sector to favor in the days ahead. Looks for stocks exhibiting relative strength (i.e. leaders).

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The author may 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.