3 Energy Stocks to Sell Now
The unraveling of commodity prices is well underway. Crude oil, for instance, dropped 27% from the peak reached after Russia invaded Ukraine. The decline pulled prices to the 200-day moving average, resulting in the first test of the long-term indicator for 2022. Flagging oil prices is taking a severe toll on the energy sector, and it’s catching down to the rest of the market. Given the continued deterioration, I’m finding many energy stocks to sell. Their price trends have turned bearish, and significant support zones are giving way. If you find sinking commodity prices in a time of sky-high inflation readings perplexing, you’re not alone. But with the U.S. dollar screaming to a 20-year high and an inevitable downturn bearing down on us, traders have begun to pull the plug on long commodity bets. While there’s always a chance that oil prices stabilize and energy stocks do likewise, the threat of a recession makes rallies suspect for now. Here are three of the worst-looking energy stocks to sell before they fall further.
3 Energy Stocks to Sell Now
The unraveling of commodity prices is well underway. Crude oil, for instance, dropped 27% from the peak reached after Russia invaded Ukraine. The decline pulled prices to the 200-day moving average, resulting in the first test of the long-term indicator for 2022. Flagging oil prices is taking a severe toll on the energy sector, and it’s catching down to the rest of the market. Given the continued deterioration, I’m finding many energy stocks to sell. Their price trends have turned bearish, and significant support zones are giving way. If you find sinking commodity prices in a time of sky-high inflation readings perplexing, you’re not alone. But with the U.S. dollar screaming to a 20-year high and an inevitable downturn bearing down on us, traders have begun to pull the plug on long commodity bets. While there’s always a chance that oil prices stabilize and energy stocks do likewise, the threat of a recession makes rallies suspect for now. Here are three of the worst-looking energy stocks to sell before they fall further.