XLE heading towards $60 on the next leg up
It appears an oil supply shortage is coming. Even the EIA is worried about the current supply output by OPEC, which should push the price of oil higher. OIL companies such as XOM, and COP have not participated in the rally in oil price as much I expected. They are actually down today, while the price of oil pushes 71. I expect oil companies to catch up sometime this week, with many of them bouncing on the 20 moving average.
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