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Look at the XLE chart. After one and a half great days they are bouncing up against resistance at 73-74. The past two times energy got sold and went back down to the high 60's. Yes...there was a commodity bubble that got taken down big time. Look at the charts of KWK, RRC and XTO. All have bounced and are at resistance. Are the bears going to take them down again or is this the market realizing that again...they over-did to the downside. Opinions?
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ramigabai
Aug 20 at 2:52 ET
The market is so unstable it could go either way based on pure specualtions.. I think only after OPEC releases its decision on cutting supply we'll know more.
Looks like a huge casino these days