Oil Sector Chart Update
posted Feb 13, 2006 at 07:44PM
Crude Oil COT Data
Regular readers will know that my opinion is that the oil sector is in a long term running correction. The recent weakness comes as a little of the fear premium gets worked off. I am certain it will come back.
For swing traders, and for those looking for strategic longer term holds, the recent weakness is bringing sector charts into interesting support areas.
This downleg looks like it has a bit further to go, but we are at a point where further weakness can be regarded as buying opportunities