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How Oil’s Reversal Could Soon Accelerate Lower

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Wed, Dec 7, 2022 01:31 PM

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Larry?s Note: Tonight?s the night? At 8 p.m. ET, I?m revealing the I?ve been using to gene

[Trading With Larry Benedict]( Larry’s Note: Tonight’s the night… At 8 p.m. ET, I’m revealing the [little-known financial instrument]( I’ve been using to generate regular income since 2011. It’s not stocks… bonds… crypto… or options. In fact, most people have likely never heard of it. Yet right now, in this volatile market, it’s paying out as much as 750% more than the paltry interest most people get from their savings account… and 998% more than most dividend stock yields. That’s why I decided now was the right time to share this opportunity with investors… and make an important announcement you won’t want to miss… If you haven’t yet, please join me tonight. [You can sign up with one click right here](. How Oil’s Reversal Could Soon Accelerate Lower By Larry Benedict, editor, Trading With Larry Benedict On [November 17]( we took a deep dive into the oil sector… After rallying a massive 70% in the first half of 2022, the Energy Select Sector SPDR Fund (XLE) pulled back sharply and dropped 30% by mid-July. Since then, it’s been a slow grind higher. XLE didn’t surpass its June high until November. When we last looked at XLE, it had just peaked at its current high for the year. However, the chart warned of a potential change in direction. So today, we’ll see how that unfolded and what to expect as we scope out trades. Recommended Link [How to trade just three stocks and fund your retirement]( [image]( The 3-Stock Retirement Blueprint When most folks think about making money through the markets, they think “buy and hold.” They think “diversification.” And they think about investing in things like index funds. But this man has a different approach. It’s called the “3-Stock Retirement Blueprint.” It’s a way to play 3 stocks – yes, just 3 – and potentially make more money than you would by trading the rest of them… Sound impossible? [Get all the details here – including the names and ticker of the three stocks.]( -- Reversal Out of Overbought Territory On the chart below, the 50-day moving average (MA – blue line) shows XLE’s long-term uptrend that began at the start of 2022. That trend retraced from June to August before heading higher again. Also, notice the pattern of the Relative Strength Index (RSI)… Energy Select Sector SPDR Fund (XLE) [Image] Source: eSignal When the RSI formed an inverse ‘V’ (red circles) at or near overbought territory (upper grey dashed line), and then dropped lower – XLE also reversed. However, what happened around support (green line) in those moves is key… When the RSI reversed at ‘A’ and ‘B,’ the down move petered out at support. With the RSI bouncing off that support, XLE then went on to rally. [The One Ticker Retirement Plan Over the Shoulder Demo Now Available]( But we see a different pattern with the reversals from ‘C’ and ‘D’… In both cases, the RSI traded straight down through support and continued into oversold territory (lower grey dashed line). That led to a much bigger pullback than the ones marked ‘A’ and ‘B.’ Then, when the RSI formed a ‘V’ out of oversold territory (lower grey dashed line), it tracked back higher. And XLE bottomed out before rallying. Take another look at the chart… Energy Select Sector SPDR Fund (XLE) [Image] Source: eSignal On November 17 (red arrow), we saw how that rally out of oversold territory in September had carried right up through resistance and into overbought territory. From there, I noted how an emerging pattern warned of a change in direction… While XLE was making higher highs (upper orange line), the RSI made inverted ‘Vs’ and began tracking lower… making lower highs (lower orange line). When buying momentum is falling like this in the RSI, a stock pullback is typically in the cards. And that’s exactly how things have played out. XLE is pulling back and could soon break below the 50-day MA. So what am I looking for around here now? Free Trading Resources Have you checked out Larry's free trading resources on his website? It contains a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. Tracking Below Resistance Right now, I’m keeping a close watch on the RSI… Recently, it just broke below support. For XLE’s uptrend to resume, the RSI must first break back through resistance and remain in the upper half of its range. However, if the RSI continues to track lower below resistance, then that’ll likely mean XLE’s current pullback will increase in momentum. The longer the RSI stays in its lower half, then the bigger that pullback will become. I’ll also be watching our MAs… Right now, the two MAs are converging. If the 10-day MA crosses below the 50-day MA – and then accelerates lower – then that’ll add further confirmation of XLE’s down move. And that would set us up for a potential short trade… With the RSI stuck in its lower band and the MAs bearishly crossing lower, XLE could soon trade back around $80. Regards, Larry Benedict Editor, Trading With Larry Benedict Reader Mailbag In today’s mailbag, [One Ticker Trader]( members share their positive experience with the service… Hi, I’m so happy I joined. The trades are very clear on how to do them. Getting notifications is prompt. Again, thank you. – Jeffrey L. I just got profit No. 1 with Larry’s put trade. Keep rolling the profit, Larry. – Frederik H. Thank you, as always, for your thoughtful comments. We look forward to reading them every day at feedback@opportunistictrader.com. IN CASE YOU MISSED IT… [The #1 Stock Set to Benefit from High Gas Prices]( It’s not a Big Oil stock… in fact, it’s beating Big Oil at their own game. Get the full story on a tiny, under-the-radar company selling for less than $20. [CLICK HERE.]( [image]( --------------------------------------------------------------- Get Instant Access Click to read these free reports and automatically sign up for daily research. [The Trader’s Guide to Technical Analysis]( [The Ultimate Guide to Taking Back Your Privacy]( [An Insider's Guide to Making a Fortune from Small Tech Stocks]( [The Opportunistic Trader]( The Opportunistic Trader 55 NE 5th Avenue, Delray Beach, FL 33483 [www.opportunistictrader.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. The Opportunistic Trader welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. To contact Customer Service, call toll free Domestic/International: 1-888-208-6550, Mon–Fri, 9am–5pm ET, or email us [here](mailto:feedback@opportunistictrader.com). © 2022 Omnia Research, LLC. All rights reserved. Any reproduction, copying, or redistribution of our content, in whole or in part, is prohibited without written permission from Omnia Research, LLC. [Privacy Policy]( | [Terms of Use](

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