Oil & Gas - Energy - Commodities - Resources (OILBRENT)

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Oil And Natural Gas Fuels XLE Breakout
By Greg Schnell

* September 9, 2016

• Oil Continues To Test High $40's
• Natural Gas Consolidating
• Oil And Gas Stocks Lead The SCTR Rankings
• XLE Breaks Out Of A Major Base

Crude Oil ($WTIC) continues to flirt with breakout levels. This $47.50 seems to be a meaningful area of attention. We'll continue to watch this level in the coming months. Here is a link to the webinar.



Natural Gas ($NATGAS) continues to consolidate. A little worrying is the very low MACD and rolling over so close to zero.



The SCTR's for the energy companies are really surging. Eleven companies in the top 10% are Large Cap Exploration companies right now. Even while Crude Oil and Natural Gas consolidate, these stocks are climbing.



Gold ($GOLD) had a typical pop up to the trendline. Now we'll watch to see if can muster any more strength. I currently think the important level will be to the downside with Gold needing to hold ~$1325 which is the red uptrend line.



One of the big changes this week is the TLT. This aligns with what Martin Pring and I talked about on our broadcast in August. Martin And Greg in Pring Studios. What we presented was a potential setup to change to Stage Four of the Pring Business rotation model. Stage Four implies equities going up, commodities going up and bonds selling off. Yesterday, TLT broke to one-month lows, today gapped to two-month lows and the MACD has gone negative. For those people listening in on the Webinar in July, we had a good call there to short treasuries with the TBT. Staying in this long would have required some patience, but it's starting to work.




Good trading,
Greg Schnell, CMT, MFTA

http://stockcharts.com/articles/commodities/2016/09/oil-and-natural-gas-fuels-xle-breakout---webinar-skim-2016-09-08.html

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