Oil/Oil Service Resuming Downtrends
The major oils
(
$XOI.X |
Quote |
Chart |
News |
PowerRating),
mentioned recently, appear to be resuming their downtrend. Continue to look for buying opportunities in puts and put spreads here.
Oil Service,
(
$OSX.X |
Quote |
Chart |
News |
PowerRating), also mentioned
recently, also appears to be resuming its downtrend. Continue to look for buying
opportunities in puts and put spreads here.
The major drugs
(
$DRG.X |
Quote |
Chart |
News |
PowerRating) were strong on
Monday but still look vulnerable. Therefore, look for buying opportunities in
puts and put spreads on signs of resumed weakness.
Follow Up/Looking Ahead
Gold and silver
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) has been
trading in a narrow range lately and may set up as a low volatility play soon.
Biotech
(
$BTK.X |
Quote |
Chart |
News |
PowerRating) is hovering just below
key support. This suggests that it may set up soon on the short side.
Best of
luck with your trading on Tuesday!
P.S. Reminder:
Protective stops on every trade!