The Oil and Gas Sector Index XOI produced a negative acceleration signal that has the potential to set up a buying opportunity today off the 933-930.95 Inflection Pivot area. All trading above here keeps the underlying sentiment positive. A break under 930.95 confirms the negative signal and breaks positive structure targeting 914.71 in what is expected to be a quick drop. Be patient. If the MKT is going to stabilize it will here. A failure and further losses down to 870.93 is the outlook.
Use the 941.88 level as a sentiment gauge for the session. Below here the buy opportunity down to 930.95 is in play. Above 941.88 and yesterday's negative is signal is suspect with the potential for a positive turn up to 960.54 and 969.69 in the session. Be patient. If the XOI is in for a sideways trade this will be the digestive high point. A BREAKOUT above 969.69 is a fresh positive signal that has 1008.85 as an immediate target.
JS
This post supports JS Services Strategy Based Trading approach. For more information please contact me at info@jsservices.com. You can also visit http://www.jsservices.com/.The Inflection Pivot levels are available as a chart overlay on the following platforms; Ninja trader, Strategy Runner and eSignal. Sign up for a Complimentary Trial.
