Energy Pushing Higher - Market Analysis for Jan 17th, 2023

Energy: February Crude Oil has pushed above 81 (81.23 intraday high), up 11% during January so far, but more importantly for our purposes, has hurdled its nearest term Dec. resistance line at 80.50, and is positioned to challenge the dominant down trendline from the June 2022 recovery rally high at 116.09 that cuts across the price axis today in the vicinity of 82.60. If the June-January resistance line is hurdled and sustained, Feb. Crude will trigger upside projections to 90+ thereafter.

At this time, only a bout of weakness that breaks and sustains beneath 78.50 will indicate that the current upleg off of the 72.89 low (1/04/23) is taking a breather... Last is 80.82 

As for XLE (S&P Select Energy ETF), it too is pushing higher, to a 6-week new high at 91.08. As long as any forthcoming weakness is contained above 88.80, XLE points next to 92.80-93.30... Last is 90.69

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