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WadeYendall

XLE Energy poised for another leg higher

Long
SPDR Select Sector Fund - Energy Select Sector (AMEX:XLE)  
WadeYendall Updated   
AMEX:XLE   SPDR Select Sector Fund - Energy Select Sector
Trend Analysis Chart Patterns Fibonacci
6
1
trendanalysis chartpattern fibonacci
Going through weekend charts and noticed a lot of energy names popping up on the scans so I pulled up XLE. I marked up this chart awhile ago as price was coming into the 55 area where I expected some resistance. Price pulled back in the 55 zone and retested the downward trend line. If price can work its way above the red box a push higher is likely. First target area would be 65 then 72. Energy names to watch would include XEC & EOG.
Comment:
Stuck for now without solid OPEC news.
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