SPDR Select Sector Fund - Energy Select SectorArca
Description
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Notes: * I last spoke about this around the end of May as it was forming an ascending wedge
Now: * It seems like the Energy sector ETF XLE is making an ascending bearish wedge/channel once again. * It's showing resistance around the $82.9/8 area again. * I wouldn't be surprised if it has a fake breakout to the upside face resistance around the ~$88.7 area and eventually falling back inside the channel. * I'm neutral for the time being but keeping a close eye on this for a bearish reversal.
It doesn't seem extended yet, that's what makes me think that it may actually break out to the up side before heading back down.