VDE broke out strongly this week, ended its down trend and started its up trend. There will be pullbacks and can be buying opportunities.
MACD broke out, RSI rising channel formed. and price is breaking out of the channel. A pullback from here is reasonable but a continuing rising RSI may signal a strong breakout in coming weeks.
Comparing with 2008 bottom process, 2016 so far has similarly diverged RSI and MACD. This may indicate a bottom might be in. Will need breakout to confirm.
If the blue supports hold, I think red resistance can be the target. Note the falling wedge is not exhausted yet and the overall trend is still down.
Will be good if blue resistance is cleared.
Living in triangle (still !) Will add position if breaks out, will take some profit if breaks down. Right now just hold and see.
Pulled backed logically from red resistance. Nothing is concerning at this point. We will what it brings next week. 10 MA, RSI and MACD all healthy. Will be concerned if pink line and 10 MA gets taken out.
It closed on the flattened 10 week MA, in a rising channel between the pink and blue lines. If lucky, it may reach $117? A sell if it loses blue line.
Still a little early to call, but past bottom triangle patterns strongly suggest the chance is good. To confirm, we want the red resistances to be cleared. MACD has already been in the positive zone.
Working on consolidating and retesting. Next couple of weeks will tell if the breakout is valid. Be patient.
The weekly chart looks pretty good. One thing is not confirming is oil still did not break out. So I think I will be patient on this one until oil confirms it.
Positive signs: . MACD turns positive. . RSI breaks out. . Is able to stay above pink support for 4 weeks. . Closed above 10 week moving average. It will be better if it can clear the red and blue hurdles, and 10 week MA turns up in the coming weeks.
On pink support but I would not touch it until it breaks out.
Nothing yet, maybe consolidating to form a base, maybe more to fall. Will consider buy only after RED resistance is taken.
VDE bounced of blue support line from 2009. Meanwhile DXY (dollar index) is facing red resistances.
Financial media began to talk about market bottom, and recent Fed comment is dovish. Energy stock has been hit among the hardest and sit on support line right now. Can it turn around soon? No idea yet but deserve close attention.
Oil trading above $100 a barrel. VDE is testing 127.71 high for the year that would push energy into all time highs, however there doesn't appear to have much momentum and the rise in price may being to weaken.