US equities continue to battle to hold moderate gains. Meanwhile, WTIC is currently +0.9% in the $48s. The energy sector ETF of XLE is currently net lower for the week by -2.7% in the $39.99s.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed a new multi-month high of $48.80, helped by a positive main market, but also the weaker dollar. Psy' $50.00 is clearly viable tomorrow or next week. Secondary of the $52s looks more realistic in early 2021.
XLE: energy stocks remain very sig' net lower, but that is after a six week run of outright monstrous gains. Soft target are the June $45s, and those should be comfortably broken above by late Jan'.
notable stock: SLB
Schlumberger is just seeing some chop. M/t bullish 28/39s, with secondary of the 38/39s. The latter appears realistic by late spring/mid 2021. Valid alt' OXY
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Equities: sp'60min
S/t momentum continues to weaken, set to turn negative into the close/early Friday.
