Crude Oil and Energy Producers are Overpriced.
Upvotes and comments are appreciated.
Crude oil cycles last for about half a year, sometimes longer. The current one has been going on since June, so crude oil is overdue for a decline. Besides, the $60 price range is a strong resistance zone.
The cycles are a little more difficult to observe in the XLE the energy sector ETF. Generally, XLE follows the price of crude oil, but not always in a lock-step fashion. However, it is also likely to decline over the next several weeks.
Your thoughts?
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