Tuesday, 2 July 2019

1pm update - oil and energy

US equities remain in minor chop mode, leaning on the weaker side. Meanwhile, WTIC is currently -3.3% in the $57s. The energy sector ETF of XLE is currently net lower for the week by -1.7% in the $62.60s.

USO daily



XLE weekly



Summary

WTIC/USO: oil printed $59.43, but has swung to the mid $56s. A move to test psy'50 appears underway, as resistance of 60/62 held.

XLE: energy stocks have been knocked lower with oil.
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Equities: sp'60min



Price action remains pretty muted. With each hour we're less overbought, although a bearish macd cross is due before the close, and that favours a net daily decline of some degree.

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