Discussing all the leading sectors and stocks to identify major trends. This weekly timeframe is suitable for longer term investors but insightful for traders.
Oil the leading energy commodity is signaling negative price action. An MTop Formation is on watch. If we get a weekly close below $70 it triggers the Topping formation and sways the probabilities in favor's for more downside action. This large time frame pattern has a potential to go down to $20...I know, I can barely believe it myself. A clear weekly reversal...
Love the way the monthly turned out.. 200 looks viable in coming weeks/months for the stock.
It's a controversial call to say energy prices are going to drop dramatically into next year but this is what the XLE chart is showing. We're at a double top with monthly bearish RSI divergence, and the same structural trendline where it fell last time. My guess is it could get back down to 50. If it's a C leg it could happen faster than most would expect. 50...
ERY is on the verge of breaking out of a falling wedge from the lows of the chart. Very likely to see a breakout here. If it fails we will see the lower wedge act as next major support level.
Looking into all the major sectors of the S&P 500 to see if this breakout can be trusted. we review all sectors on a weekly basis to provide insights of the overall market. Most sectors have not broken out & trading at major resistance.
Perfect Cup and Handle has formed with XLE. We just need to wait for the crucial breakout and close above the brim level. With moving averages, all is looking great with 7>21>200 - Green - Bullish RSI - Buy divergence >50 - Bullish Target 1 $120.00 GENERAL INFO: The SPDR Select Sector Fund is a series of exchange-traded funds (ETFs) that are managed by State...
W pattern turns to M pattern. We Bull on! The CTAs are 100% short. No one left to sell.
VLO reports earnings later this month. I have a decent long position in this name, but for a day trade or swing Idea, I like longs over 128 and puts under 124.4 I personally believe what worked in 2022 won't in 2023, so oil names may not be as safe of a hiding place for big funds this new year.
Since October of 2022 we have seen an interesting zone form in the SPDR Energy Sector ETF. This zone is marked by the yellow rectangle in the chart. We noted four support bounces in this zone, a breakthrough of the zone, and two rejection bounces. This support/resistance zone is one to watch over the coming weeks. A rally into the yellow zone is one to watch...
This is a list of my personal portfolio selected ETFs with the simplest visuals, using MACD as the only technical indicator and the trend lines with breaks or breakdowns to give us a new series of PSV charts. ;-) Note that these are using Weekly charts, and a break out is qualified when there is a trendline break out accompanied by a MACD crossover (within a week...
Following the recent oil selloff the XLE sector is now pulling back. With a clear divergence in the RSI with the 3 recent price tops, it seems like the XLE has completed 5 waves up. Following that is a 3 wave correction as a flat and is now preparing to finish the last leg of it, before exploding higher sometime next year.
NYSE:XOM Xom is at 52W high, while oil is 30% lower, for me it's weird how the main reason for the acceleration of the XLE made the correction but XLE didn't. Waiting for XLE to go down with XOM Look at the tunnel and the Candles that cannot break, Volume decrease. I'm in Entry 114 TP1: Fib level 1 - 107 TP2: Fib Level 2 - 103 SL:121 Have fun
These charts speak for themselves. Be cautious.
Don't know why this sold off today, there is insider selling, but this is a solid energy play. Good dividend, excellent growth metrics. Solid 50 day, 200 day, and 52 week EMAs. I own since 34% ago, will add more should it dip to 61.8% fib around $125. Energy momo is here to stay for a while.
This is a classical chart pattern. The bullish continuation would be expected to be about $25.00 of upside given the height of the cup. The short time MAs have crossed the intermediate MA from underneath in a "Golden Cross" while positive momentum just started on the squeeze indicator. Fundamentally this makes sense with the winter heating season and the...
Something weird is bubbling in the energy space. Before we delve in, let us briefly explain what the S&P Energy Select Sector Index represents. Some of you might already be familiar with XLE, the ETF which tracks the S&P Energy Select Sector Index (IXE). This Index seeks to represent the Energy sector by aggregating a basket of names in the sector. A...
Why is there a divergence between CL and XLE? XLE usually leads first. So does that mean CL going to catch back up after SPR depletes? Bullish on CL?