Crude is technically on a buy signal but needs a close above 49.50 to move higher.
Our outlook is that it will be difficult to make a good close above that level.
GMTT expect Crude to make another “unexpected” nose dive in the near future.
However, for Crude to confirm a sell signal we need to see February Crude close below 46.05
XLE failed to bounce further and elected yesterday its sell stop at 38.45.
Short term downside target for XLE is 35.15, then followed by a move towards 24.90.
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