Rig stock price today forecast shows that market depth remains thin

Rig stock price today forecast shows that market depth remains thin ahead of API inventory data release. Traders watch closely for macro oil supply signals before entering new positions. As market participants price in interest rate cuts in 2024, growth stocks like Shopify , are likely to benefit, as investors move further out on the risk curve again. This theme can be seen through the 1.5% outperformance delivered by the Energy Select Sector SPDR Fund (NYSEARCA: XLE) compared to the broader S&P 500 over the past week alone. While not something that locks in the future of the sector, it could be the beginning of a much bigger theme happening in the economy right now. Rig stock price today forecast implies cautious optimism, with short-term moving average crossing above long-term MA — a golden cross often signaling potential breakout for momentum investors.