Energy

Oil has only done this twice in 20 years. It could mean a 50% rally

0


Oil prices could be setting up for a major rally, one strategist says.

Though the energy sector has cooled off in recent months, U.S. West Texas Intermediate crude’s price chart just flashed a rare signal, Miller Tabak’s Matt Maley told CNBC’s “Trading Nation” on Wednesday.

“Crude oil has seen what’s called a golden cross on its weekly chart,” the firm’s chief market strategist said.

A golden cross occurs when an asset’s shorter-term moving average crosses above its longer-term moving average and is broadly seen as a signal of further upside.

In oil’s case, “that’s only happened three times since the beginning of this century and each of those three times…



Source cnbc.com

0 0 votes
Article Rating

Deep discounters like Dollar Tree get hit by soar supply chain costs

Previous article

Ford to cut F-150 pickup truck production due to chip shortage

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Energy