Technical analyst Jack Chan documents a major new buy signal for oil stocks and ETFs that will enable investors to hold for the long term.
PHLX Oil Service has confirmed a new major buy signal, which can last for months and years.
Speculation has now confirmed a pullback bottom; expect new recovery highs in coming weeks and months.
The bottoming process continues with a breakout imminent.
For the VanEck Vectors Oil Services (NYSE:OIH), the upside price target is 55.
For the XLE (NYSE:XLE), the upside price target is 95.
For the iShares S&P/TSX Capped Energy (TO:XEG), the upside price target is 20.
Subscribers were advised to diversify into USD beginning in 2011, as the loonie topped. The Canadian dollar is now a buy, and investors can scale in for the long term.
Summary
With a new major buy signal in place and the cycle having bottomed, investors can cost average in on oil stocks and/or ETFs, and hold for the long term.
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