WTI and XLE are correlated. Unless WTI is wrong, higher 52-week highs point to XLE breakout when chart is shouting continuation patterns.
Colonel Kink Forex Reporter is looking at WTI long continuation but only after some retracement. Now at neighbourhood of previous high WTI could easily turn into a bullish continuation, bullish take profit or even bearish blow-off top.
This is my analysis. Call it objective analysis or wishful guess but I see WTI reach 107 by end of 2018. That’s because we ran out of levels for the last 3 years but the next highest turning point in 2014 is around 107!
Current down trend on daily time frame converges with an up trend on the weekly. Short term speculators are running into fund managers looking at a longer horizon. Two big candles yesterday and the day before are signs of contest. This is the trading proposition for WTI right now.
Update on WTI and USDSGD long setups covered previously. For WTI, insert additional resistance not covered previously. For USDSGD end-of-week close above shadow may confirm swing breakout.
There is an extended trend line on the WTI chart that has proven useful time and again. WTI traders must add! Extended trend lines have features that make them special. Features listed here and how-to-draw tips.
Bullish and bearish views of XLE-WTI positive correlation. In the bullish view, I see WTI long continuation, XLE Cup and Handle chance to do breakout catch up with underperformance.