Going through weekend charts and noticed a lot of energy names popping up on the scans so I pulled up XLE. I marked up this chart awhile ago as price was coming into the 55 area where I expected some resistance. Price pulled back in the 55 zone and retested the downward trend line. If price can work its way above the red box a push higher is likely. First target area would be 65 then 72. Energy names to watch would include XEC & EOG.
Note
Stuck for now without solid OPEC news.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.