Energy Sector isn't looking too hot on a relative basis vs. the S&P500
. After a neckline break of a head and shoulder variation, price has failed to remount and instead has formed a tight triangle biased for the downside. Hovering beneath the 23.6% fib retrace, the measured move (head to neckline) puts a price target to the 50% fib. This bearish
thesis for relative price action is also supported with a falling MACD
that is failing to capture the 50 line.