themarketzone

Continues to climb towards 60$. This is what you have to watch

AMEX:XLE   ENERGY SELECT SECTOR SPDR FUND
144 0 4
$XLE continues to climb towards 60$
I was covering $XLE throughout the last month and mentioned the AB=CD pattern completion near 60$ that the price was aiming for.
Now, $XLE is struggling with the Fast SMA line that stands in its way and keeping it from reaching 58$ and 60$.
My focus now shifts to 59.5$ and 60$ as potential sell zones for a pullback move.
I'm still bullish Oil             , but 60$ can lead to a 5-10% correction in the Energy sector with the two bearish harmonics combination.

Tomer, The MarketZone
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Tomer J,
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