2021-09-27

Energy Getting Hyper

Two weeks ago I posted, Aggressively Shorting Energy. That didn't work out as a trade, but WTI crude oil is still below the fibonacci level as long as it doesn't clear $77.25. XLE clared an old support line today, but there's still a possibility of a symmetrical head and shuodlers top.
Long-terrim readers will know I have been a long-time bull on SWN. The stock climbed 21 percent today and exploded higher along with the rest of the natural gas sector.
One of two things is going to happen. Either energy will correct along with the rest of the stock market, or energy is about to signal inflation is accelerating quickly, in which case the Nasdaq is going to ggo skydiving without a parachute. I still prefer natural gas as an energy play for myself. An alternative, derivative play is fertilizer. I opened a position in this stock today.

No comments:

Post a Comment