Talk about waffling!
Even though oil basically meandered over the past few weeks, it still managed to notch its ninth weekly gain in a row. The underlying stories about oil prices aren’t any different than they’ve been for weeks.
The biggest story is the glut in the amount of global supply, while a secondary concern is that the net number of rigs taken offline has now exceeded those put into service for the last 23 weeks in a row…
…and some weeks, that appears to be welcome news.
My “line in the sand of support” sits at $58 a barrel. So long as it holds there I will continue to anticipate prices eventually going higher.
All of which brings me to this post-Memorial Day case study rooted in the oil patch.
You see, when I get a buy signal in one of my analysis tools or the other, that’s all well and good, but when I get a signal on a stock across multiple signals, I tend to favor these, as they have the “stacking” effect that I love.
Stacking is when you get confirmation from several technical, fundamental, or seasonal signals.
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