A Drop In Oil Sets A Fire For This Utilities And Energy Play

Financial Services • May 30, 2024 at 5:10 PM EDT

Crude futures spiked yesterday, up to $80.62, and then sold off today, pretty much erasing the gains of the previous two sessions.

shallow focus photograph of black and gray compass

Image Source: Unsplash

Conditions are looking good for the move I have in mind today…

Crude futures spiked yesterday, up to $80.62… and then sold off today, pretty much erasing the gains of the previous two sessions.

From a technical perspective, and I’ll show you the charts in just a second, this pushes us, bearishly, toward the lows.

Now, interestingly, there happens to be an inverse correlation between oil prices, energy, and utilities.

See where I’m going with this? I’ll show you…

Video Length: 00:16:57

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