themarketzone

Two trading scenarios to monitor during FOMC week

AMEX:XLE   ENERGY SELECT SECTOR SPDR FUND
9 months ago
$XLE reached the final target zone of the last bullish setup I published for it.
AB=CD pattern was complete and now the price is testing a daily downtrend line.
As we will open FOMC week, the first thing to monitor is where the price is related to 63$ (current resistance structure zone).
If it'll be below it, we may see a short term pullback towards 60$ and potentially even to 58$.
If it'll close above the trend line, we may see it continue towards the 66$, there it'll meet the 200 days MA.

The two potential scenarios are shown in the chart.
I'd much rather see $XLE declines to levels that will allow me to buy it before the price's next bullish wave.

Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters

To read more interesting technical reviews for the week http://goo.gl/jGg8Ra
To subscribe to the newsletters - http://goo.gl/HXjCPV
Follow my blog - http://goo.gl/78KZsl
Subscribe to my Youtube channel - https://goo.gl/q8dbyT
8 months ago
Comment: Approaching upper sell zone
8 months ago
Comment: Pullback reached nearest support. Still potential upside but setup remains valid
Read updates http://goo.gl/c8og8B
Special ECB preview - https://goo.gl/hZMkYY

Tomer J,
The Market Zone - You trading Edge
Visit my website - http://www.themarketzone.net/
Blog - http://www.themarketzone.net/?page_id=2371
Youtube - https://www.youtube.com/c/TheMarketZoneNet
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out