If 'Bottoming Pattern' Develops, Oil Bear Market May Be Over
Source: Jack Chan for Streetwise Reports
October 9, 2017 (Investorideas.com Newswire) Technical analyst Jack Chan charts the latest moves in the oil and gas markets.
$OSX is on a major sell signal.
Our proprietary cycle indicator is up, now near levels of previous tops.
Divergences often mark turning points in the commodity markets.
We are looking for a bottoming pattern to develop in coming weeks.
The energy sector is on a major sell signal. The cycle is up, but near levels of previous tops. The spike up in September is over. We are looking for a bottoming pattern in coming weeks to suggest that the bear market is over and we can begin accumulating for long-term holdings.
Jack Chan is the editor of simply profits at www.simplyprofits.org, established in 2006. Chan bought his first mining stock, Hoko Exploration, in 1979, and has been active in the markets for the past 37 years. Technical analysis has helped him filter out the noise and focus on the when, and leave the why to the fundamental analysts. His proprietary trading models have enabled him to identify the NASDAQ top in 2000, the new gold bull market in 2001, the stock market top in 2007, and the U.S. dollar bottom in 2011.
1) Statements and opinions expressed are the opinions of Jack Chan and not of Streetwise Reports or its officers. Jack Chan is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation or editing so the author could speak independently about the sector. The author was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
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Charts courtesy of Jack Chan
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