In today’s briefing:
- WTI Crude Oil Futures (CL1) – Weekly Close Setting Up to Confirm a Material MT Downtrend Bias
- Stay Tactically Overweight Defensives; Remain Overweight Europe, Japan, & EAFE. Buys in Defensives
WTI Crude Oil Futures (CL1) – Weekly Close Setting Up to Confirm a Material MT Downtrend Bias
- At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
- The past 3 weeks have produced a failed new 2023 high in WTI Crude Oil futures (CL1), a bearish weekly reversal pattern and a break below the recent prominent gap.
- A weekly close below the gap base at 75.72 will confirm a renewed and dominant MT downtrend bias and target a retest of the 2023 low at 64.12.
Stay Tactically Overweight Defensives; Remain Overweight Europe, Japan, & EAFE. Buys in Defensives
- Our 2023 outlook, initially discussed in our January 6th 2023 Int’l Compass, was for $93 to cap upside on the MSCI ACWI (ACWI-US); this has again proven prescient.
- Since late-January/early-February we have recommended shifting to defensives, and MSCI ACWI defensive Sectors including Health Care (IXJ-US), Utilities (JXI-US), and Consumer Staples (KXI-US) are now hitting 3-4-month RS highs.
- With the ACWI-US just now starting to turn down after testing $93, we continue to recommend a tactical overweight to the aforementioned defensive Sectors, and also to gold miners (GDX-US).
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