The Long Investor

US OIL

Added 2024-06-15 16:30:22 +0000 UTC

OIL has been moving sideways since the world gradually decides to forget about what is happening in the Middle East and the War between Ukraine and Russia.

The price has still held above the 200 Day MA, after losing it momentarily during the week but recapturing it to end the week.

Buffett continues to add aggressively to $OXY during this consolidation period too.

Price right now is sitting between the 50 and 200 Day MA, which we know means that both moving averages will merge with each other and a direction will need to be taken, my view is that it will break to the upside out of this wedge and follow the impulse wave.....I suspect Buffett thinks the same too.

This is a slow mover tho, so if you add stocks that are in this sector, be prepared for this slow movement.