XLU - Bullish pennant getting ready to breakout for big run up!
Price should not have done that.
Price has re-entered PRIOR PRICE AREA which is Bearish,
creating what looks like a potential Head, left above in price, on a H+S Reversal Pattern. Much too early to tell.
However,in order to reverse the bearish short term damage to the XLU chart,
price now MUST get back above the 7/6 High of 53.29.
Failure to do so, would reinforce the bearish implications of today's gap down open.
DAILY RSI is still Above 50, which is Bullish,
Thus, XLU still has time to reverse, and break back out to the upside if that is your expectation on the trade.