7/6/2026
The charts of the major oils, XOM CVX BP SHEL all look about the same. Here XOM has corrected in an A B C fashion to the down side. Note price is just above the 200 day MA, a natural support level.
Attempts to analyze the various major indexes are difficult. And it is summer when the markets tend to waffle and wander.
My suggestion is to buy some of the major energy stocks and write call options against them. Crude oil has fallen to reasonable support, some shipping is thru Hormuz. This seems a better strategy than trying to analyze the indexes which will not die.
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