RE:RE:RE:RE:RE:RE:Chart looking like starting into BUY territoryIndeed, lots of oil plays oversold, and they can stay that way for some time if the commodity remains weak. I am in the camp of those who believe Oil may still have some comeback power yet, hence I look for highest risk reward ratio to climb on when tides turn. GXE has decent run potential to $1.50+/- when/if the wind gets at its back again.
February is peak season for oil, SPR will need refilling, China may be reopening and lack of supply thesis continues to be pumped by Nuttal and other pundits, all amidst cconflicting oncerns of recession. That said I remain skittish as oil has a habit of sucker punching long holders when you least expect it.