According to John Murphy, when only one commodity group is hitting new highs, that’s usually a sign that it’s out of step with the others. That seems to be the case with energy. He still believes that the energy complex is due for some profit-taking. Chart below shows the United States Oil Fund still in an uptrend. The 14-day RSI line, however, (top of chart) is backing off from overbought territory over 70. The daily MACD lines (bottom of chart) may be stalling at their March high. That’s not a lot to go on. Add in the fact that energy shares are among the day’s biggest losers,[...]
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[Source: The Money Blogs]
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