Cover the short signals on Energy and Oil — XLE USO
Looks like the rebound in oil is continuing and West Texas Intermediate is slated to close well above the 50 day exponential moving average (EMA). It is basically again at resistance now from the previous two breakout attempts in early and late March. Further up at $54, there is resistance from the February peaks. Long-term oil is in a bear market, so this rebound may present itself with another shorting opportunity, once the signal is triggered.
For now our trading system generated a cover-the-short signals both on the energy fund XLE and on the oil fund USO.
XLE chart here Oil and commodities charts here
Originally published at www.masterchartstrading.com.