BATS:XLE   ENERGY SELECT SECTOR SPDR FUND
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XLE's streak of five consecutive losing weeks came to an end this week with a .79% gain and an equally important "hammer". The hammer candle in the attached chart is a potential bullish reversal candle that requires confirmation. As a coincident indicator we use the "overbought/oversold" Williams %R indicator. An overbought condition is bullish for the ETF and bullish conditions can remain so for extended periods of time. Prior reversals have coincided with a small dip of the Williams %R below overbought and then a sharp reversal back to overbought. If next week is positive for XLE             we can consider this reversal confirmed and higher prices ahead.
So far so good but more follow through needed before I believe the uptrend has resumed. If we get another strong week and a bullish breakout I'll select a price target.
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