Just know that oil is coming into its first major resistance zone in a long time. Also, oil is very stretched away from its 50-week moving average too. So, it wouldn’t surprise me if we saw one of two things happen soon: 1) a sizable % pullback in oil and oil stocks or 2) a long, volatile sideways consolidation in oil and oil stocks.
So…if some of you are up a lot % wise on Eni or XOP (due to getting in later or lower than us), you may want to capture those profits. Overall, we’ll need to stay in those longer, for the next leg higher in oil after the pullback or consolidation UNLESS, this latest leg up goes high enough for a profitable exit. We’ll see.