Technical analyst Jack Chan highlights sell signals in the energy sector.
Our proprietary energy cycle indicator turned down this week from the divergence as noted previously.
OIH (VanEck Vectors Oil Services ETF) is now on a sell signal.
XLE (Energy Select Sector SPDR Fund) is also on a sell signal.
XEG:TSX (iShares S&P/TSX Capped Energy Index ETF) also triggered a sell signal this week.
Summary
The energy sector cycle is now down, with sell signals in the ETFs. A multi-week correction is now in progress.
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