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With oil bouncing next week potentially, XLE is likely to bounce. Plus XLE held support very well this week although oil crashed. Long to the upper channel.
XLE has broken triangle formation. Expect it to retest the bottom trendline before further down. Short it if the retest fails to go above TL.
My OB/OS indicator has reached to the previous low level. Trade the bounce intraday or 2-3 days short term. Then resume the downside, expect it to break the previous low in my indicator.
LT TP: 41
66 seems to be multiple bottom for wkly chart
Good setup for $XLE swing entry around $70, first target ~$73 with the eventual target hitting the upper line of the downtrend channel.
We all know the Iran sanction hit on NOV 1. It is most likely we at least tag if not breakout the prior highs. Strong demand for crude globally.
Stronger than SPY
cup and handle pattern
and a little help from P&F Strength
Additional timeframes to be posted:
I am expecting XLE to contest 95 Q2 2019. With the weekly flag and early signs of push beginning I expect this sector to continue to strengthen and be a much stronger pick next year.
New Bullish Credit Spread on XLE. Expecting to see a push for $75.59 resistance by EoW.
Break Even 74.73.
A close above 79 would lead to a breakout. Supporting this theory is rising inflation and a more dovish Fed. Recently Fed Governor James Bullard stated “If it was just me I’d stand pat where we are and I’d try to react to data as it comes in,”. More thank likely we will see more members of the Fed turn into doves as the year nears end. Which should create a ...
The energy sector has been performing badly over recent months, but not as bad as basic materials sector. Specifically leading the problem in the energy sector are oil & gas drilling, oil & gas exploration and production, oil & gas refining and marketing, oil-related service and equipment, renewable energy equipment & services, and uranium industries. These ...
Triple top continuation to the downside. Just broke near term support of $74 now being resistance. Looking for an entry to short with $69 being the target.
The XLEs finally broke support at $74. I put my short on yesterday at $73. My buy stop is $74 ad my cover target is $69.
Short Strangle, 20 delta (68/75 strikes), 37 'DTE, $1.07 credit
Price structure looks bullish to 86 if we can take out 78-80.
I am watching the XLEs for a potential short. If the $74 level breaks and they get to $73 I will short them.
My stop-out will be $74. This is a logical level to have it at because it has been support since May. If it does break to the downside, it will most likely become a resistance level. A break back above this could mean it is going to rally back up to ...
Energy has been lagging the oil recovery significantly. Looking at the RSI of XLE on the monthly chart suggests that this could be the month that XLE finally makes a sustained move higher. The month has yet to CLOSE above our RSI level, but its a starting point.
In previous research on bullish WTI I overlaid XLE and observed that there is a cup and handle. Cup and handle or ascending triangle or whatever pattern price zigzag combined with rising WTI says XLE is a bullish continuation.
Keep a close eye as that continuation pattern is now pushing against resistance.