The trend for Oil and Gas remains up, as does the group’s
A/D line (bottom, gold line).
Additionally, money flow into the group (middle, green line) has not had a
slippage below 50, the divider between accumulation and distribution.
Energy 4 year Chart
source: Redwood Technimentals
Kevin Lane, Chief Market Strategist of Redwood
Technimentals, notes that while not near peak readings, money flow remains
positive. “Until we get a break below the 50-mid point line, which hasn’t
decisively since happened since early 2003, we have to let the trend ride.”
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Quote of the Day
Whenever you find yourself on the side of the majority, it is time to pause and reflect.
– Mark Twain