Special update on the energy sectorBy Jack Chan at www.traderscorporation.com March 28th, 2006 The pullback in crude oil, and the major correction in natural gas have now completed according to my analysis. This observation is in contrast with some analysts who believe that we are now in a seasonally unfavorable period, because of this and that. I’m not smart enough to offer any opinion, my signals and analysis are from pure price action as I follow the markets, not predict them. Crude oil – we are looking at another major buy signal in black gold. A close below $60 will void this signal. Natgas – does not have a buy signal yet due to the lagging nature of a weekly chart. But if this bull market is to continue, price should not close below 200ema again. OIH – our energy ETF is on a buy signal, and we bought last week when support was established to provide a low risk entry. Looking to challenge the recent high near $160. XLE – is less volatile than OIH, ideal for the more conservative traders. XEG.TO – A Canadian energy ETF for our Canadian subscribers. Should perform well especially if the loonie continues to correct. RYVIX – an energy fund is more suitable for investors who prefer to sit tight during a bull market, and only take partial profits when our proprietary BPOSX is in a down cycle.
Summary 03/28/2006 |
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