He’s a 10, but he only respects the 200SMA

I’ve never before seen a chart respect a technical indicator this much. It’s weird that it is an index — a synthetic value, not a real stock — especially given how sensitive oil is to unpredictable geopolitical events.

The symbol is SOLUSBOT (Definition, TradingView), the index that the leveraged ETNs NRGU/NRGD track. It tracks the top 10 oil companies in the US. I am looking at the daily chart.

The journey begins in 2020.

2020

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