finance.yahoo.com/news/too-invest-oil-price-rally-000000125.html
WTI futures for July settlement were quoted at $104.48/barrel on Wednesday's intraday session, down 4.8% on the day. Oil prices have continued sliding in the wake of the central bank deciding to hike the interest rate by a record-high 75 basis points.

Brent crude futures for August settlement were trading 4% lower in Wednesday's session at $110.10/barrel, a good 9.4% below last week's peak. While crude prices have taken a big hit, oil and gas stocks have fared even worse, with energy equities experiencing nearly double the selling pressure.

"Leadership stocks are often the last domino to fall, and thus profit taking is the greater motivation," says MKM Chief Market Technician J.C. O'Hara. "Crude Oil is sitting on its rising 50 DMA and has a stronger technical pattern," he adds.

"The fight-or-flight mentality currently favors flight, so we would rather downsize our positioning in Energy stocks and harvest some of the outsized gains achieved following the March 2020 COVID low," O'Hara has said. According to his chart analysis, these energy stocks have the greatest downside risk: Antero Midstream, Archrock, Baker Hughes, Devon Energy, EOG Resources, Green Plains, Halliburton, Helix Energy, World Fuel Services.
Tap to copy the Short Url to this post:
bto.sh/n5zipxns 
One-Stop Business News, backed by Mark Cuban. Free to Use →