Yes, the energy rally stalled into the 22 day moving averages last week. But we will need more than stalled price action to signal a mean reversion may have run it’s course. To get the ball rolling, the bears must immediately start chipping away at the ratio retracements associated with the December lows and swing the intraday technical readings back in their favor. If they are up to the task, we could be taking aim at fresh lows before the year is out. If they are not up to the task, the door will remain open for further upside and/or an extended period of consolidation. …Once again I strongly suggest keeping a close watch on Copper here.
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