AMEX:XLE   SPDR Select Sector Fund - Energy Select Sector
Black Gold finally broke out from the 3 month cup handle pattern as mentioned last week! Although weekly chart was showing bearish , it was a bullish flag because the lows never broke. This week the momentum continues upward possibly in a big way. Extremely Bullish! Once it breaks 56.75, 59 will be the next target. XOM , SLB , NOV are yummy plays.

Comments

Amen, I couldn’t agree more. I was happy to see the wedge show lower volume in the last week or two. Solid breakout to the upside. Likely a huge jump this coming week, cool off for a few days then break upward more. Easily 58 but eying 60-65 (~63) as the next range we will be in soon. Nice to have been riding the financials (WFC and BAC) as well as XLE/OIH for the last few months. Options have been nice to me :)
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CTRLZEEE MizzouChemRxn
@MizzouChemRxn, thats good to hear! Same for me. I made 126% gain off of OXY but I feel the wells have dried up. I'm looking at others like NOV and XOM for this week. Good luck!
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@CTRLZEEE, Nice, I’m up about the same. XLE as you know will help that since its 20%+ of it. Would love to XOM and CVX move up more. I think OXY just started it’s move up with XOM and others. Look at OIH though, it’s got A LOT of room on its chart to move in the next year, maybe more than XLE. Also, WFC hasn’t broke out of its ascending wedge while BAC and ALLY have.
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CTRLZEEE MizzouChemRxn
@MizzouChemRxn, you're right about OIH. It looks to breakout to 270! I don't wanna dump everything on black gold though. You're also right about WFC but I like BAC much more. I see XLF moving up here to 39.50 as it finally broke out of an ascending triangle.
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