CVX and XLE Trading Setup – 11-29-22

Oil stocks are at an interesting spot on the charts. They could go either way. There’s a potential head and shoulders forming.

I point out some levels to watch on my video.

There’s an OPEC meeting next week, Dec 4, Fed speech on Wed, and jobs report on Friday — so a lot of potential volatility. The larger macro supply picture still looks good for oil, but the short term could be controlled by China lockdowns and general market weakness.