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WadeYendall

XLE Big move pending?

Long
SPDR Select Sector Fund - Energy Select Sector (AMEX:XLE)  
WadeYendall Updated   
AMEX:XLE   SPDR Select Sector Fund - Energy Select Sector
Trend Analysis Fibonacci Chart Patterns
10
1
trendanalysis fibonacci chartpattern
I have not been a fan of Oil for some time, but I can't ignore this price action lately especially after last week close. XLE has cleared a key pivot out of this multi-month consolidation. We may have a perfect storm of reduced production in the new green economy merging with increased demand due to a post covid surge in economic activity. These two factors coupled with the fact green western nations probably wouldn't mind higher pump prices to further push the people out of their ICE vehicles. Just speculation, but last week's surge in XLE interestingly mirrors last weeks move in TSLA. Higher oil/gas prices = more demand for electric vehicles. I would definitely create an interesting dynamic given that electricity costs are also exploding world wide. Something to watch.
Comment:
Huge gap and go. Expecting a bit of pull back around the 618 at 52.21.
snapshot
Comment:
Coming into 886. Expect some resistance here.
snapshot

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