Negative technical theme in oil sector continues
Negative technical theme in oil sector continues. WTI oil originally generated a technical sell signal on 23/9/14@US90.69. Significantly, this tied in neatly with, and added weight to the technical sell signals that had been generated by key ASX oil stocks, including WPL and STO, earlier in September. This sector of the Australian market has been consistently flagged since early September in QMG wires as a negative technical theme. There is nothing evident or emerging technically that indicates a turnaround in either the oil price or ASX energy stocks is in prospect in the near-term.
Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.