The start of the new trading year in the US stock market saw multiple Stage 4 breakdown attempts in the Energy group stocks, with the Exploration and Production group stocks dominating the scans of the stocks breaking down into Stage 4 and within late Stage 3 structures. Coal also featured heavily with further weakness in the individual stocks in late Stage 3 and a Stage 4 breakdown in the group chart. You can see a more detailed video on the Coal stocks that was posted last week on the blog – Group Focus: Coal Stocks in Late Stage 3 – 28 December 2022 (34mins)
So with the multiple Energy groups attempting to breakdown into Stage 4 that were previous leaders in 2022. The question is, how will it affect the market?
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Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.