Jack Chan Finds Data Supportive of Higher Oil Prices
Source: Jack Chan for The Energy Report 02/11/2017
Technical Analyst Jack Chan reads the charts and sees a major buy signal for energy.
$OSX is on a major buy signal, which can last for months and years.
COT data is supportive for overall higher oil prices.
OIH is one of a few energy sector ETFs we are holding for long term gains.
Prices dipped into our buy zone in November, and again this week.
Our trading model identifies the buy zones in a bull market, simple and effective.
Energy sector gave a major buy signal in 2016, and the current correction has dropped prices into our buy zone.
Summary
Energy sector is on a major buy signal.
Prices are now in our buy zone.
We are holding energy sector ETFs for long term gains.
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1) Statements and opinions expressed are the opinions of Jack Chan and not of Streetwise Reports or its officers. Jack Chan is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation or editing so the author could speak independently about the sector. The author was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
2) Jack Chan: We do not offer predictions or forecasts for the markets. What you see here is our simple trading model, which provides us the signals and set-ups to be either long, short, or in cash at any given time. Entry points and stops are provided in real time to subscribers, therefore, this update may not reflect our current positions in the markets. Trade at your own discretion. We also provide coverage to the major indexes and oil sector.
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Charts courtesy of Jack Chan
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