RE: Stan Weinstein's Stage Analysis and Market Breadth - Technical Analysis
Oil & Gas Producers
Oil looks like it is formed into a pennant shaped pattern [1], which it mist exit one way or the other soon. The market breadth seems positive for all indicators apart from a minor decline the %'s above the 20, 50 and 200 day EMAs [11-13]. The Gold Cross Index [15] is similarly sloping down slightly. Perhaps this is temporary whilst the oil price decides which way it will go?