XLE is looking strong and should continue up. The Red line just above the Blue line is this weeks first resistance. The Blue line would be considered next weeks resistance if XLE can not test this week.
Energy broke out, set a limit order at the 100day moving average and try to ride the wave up.
$XLE Golden Cross on the 1hr chart. Oil on the rise. Expect to see mid 70s+ in very near term.
Oil within recent uptrend. Looking for a reversal here for the next week or two. Playing this via refinery and oil producer stocks
Another canadian energy company setting up for a potential trend. Broke the recent few month downtrend. Once the price gets above 1.40 this could be a very strong trend.
Some interesting set ups in canadian energy including this double bottom. BIR.ca in particular is sitting around the same prices it was at when oil was under 30. Possibly some big value plays if oil can stay above 60 or continue uptrend and even get above 70
... for a 3.14/contract debit (78.5% width of spread). Another neutral to bullish assumption setup with plenty of time to reduce cost basis. Currently, it looks like you could get a better fill than I did (mid currently at 3.00, 75% of the width of the spread, which is what you're looking for in these setups). Here, I'm shooting for 20% of what I put the trade...
WLL seems to be breaking higher today! If above 30 very constructive for further strength.
Traders have reacted to this $67 level since June 2017 and now being tested as support. Intraday it's been broken many times but look for a break below to continue lower to $64 and $62 targets.
Looking like the dollar crossing the daily trend line is a failed rally. More down side to come in the very very near future.
It would appear that the intermediate term trend is going through an ABC correction. Supply Zone exists in the $53.50-$57 range Long Term Price Support exists at $54 50% Fibonacci retracement exists at $54 Measured Move exists at $55 Channel Resistance exists at $62 Long(er) Term Price Resistance exists at $63 Short Term trend bearish I'll go long when I...
Well, at least not all sectors in out right sell mod coming into Monday. There is some hope the accelerated down trend will take a reprieve. I did for get to show XLF and XLB. They both are still lagging other indices. Bottom line XLU, XLK and XLE looking better. XLY, XLI, and XLV ugly. IWM looks best for a trend reversal Monday. Please leave comments below...
XLE Sideways After Short Covering Color Blue Number 7
We've gotten some good price action around the 63.45 area. A close above the downtrend resistance line and this becomes a longer term Bull play. It's important to wait for a confirmed "Bullish Reversal Candle". I'm expecting a bit more downside before this Long play plays out. Happy trading, Charles
Revising my $69-70 target down to $65-66. My Original idea from July 17 - was Crude would reach 69-70 by late Spring early Summer.