$USOIL Reaching an Eq-Point: Consolidation Zone To Come; Nuetral$USOIL has started to show signs of stalling and reaching an equilibrium between bull and bear activity... It is not making a run in futures.
Indications from oilfield preparation industries such as HAL/LBRT both showed regression from "Covid Season" highs. Whether $HAL can sustain support 20-plus per share remains dubious, and LBRT has met resistance to its fracking efforts - which at one point were driving its stock upwards towards rival HAL's.
For now, it is a crapshoot on these two positions, as well as ETF's such as $GUSH, which bull run oil.
There are other industries to sector-shift to, until the next time Oil is ready to make a bull run. For now, it is reaching a ton of resistance every time it hits 46.65 or higher, and it is currently bouncing around that exact seeming-ceiling in futures. With the COVID vaccine expected to boost the markets somewhat, it remains to be seen if US oil has some pullback still to do in this next upcoming consolidation wave.
Again, trade as you may, but all oil positions are sidelined for this trader.
While long-term I remain very bullish (see attached idea) the short-term picture is too unclear at this point.
Go forth and prosper, howsoever thou'st may.
BDR
