themarketzone

Couldn't handle the 80$ resistance, but its pullback maybe short

AMEX:XLE   SPDR SELECT SECTOR FUND - ENERGY SELECT SECTOR
As expected, $XLE couldn't handle the 80$ strong daily resistance zone at the first attempt to breakout of it. Although it held there for a few days during the holiday's it was quite obvious that it will have to gain some more momentum if it intends to breakout of this level.
Having said that, I can not ignore the force behind the latest bounce. "Dead Cat Bounce"? Maybe..
Or, maybe it is the start of a pullback higher in this oversold ETF?
Although I'm longer term bearish (we, in the Elite Zone shorted this ETF when it touched 100$), I think a pullback is due and a pullback into the 76$ support zone could create an interesting buying zone (it is also near the 61.8 Fib level).

Notice also the 78$ level as it may also found to be support level .. depending on how aggressive the 74$ level buyers are.




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