One of the noteworthy developments in recent days has been the move in energy and energy related stocks. WTI crude futures ended Thursday’s session up 50 cents at $68.43 per barrel, boosted by OPEC production cuts and the potential for new U.S. sanctions against Iran. The Energy Select Sector SPDR ETF (XLE) reversed early losses, to close at 73.47, down 0.3 percent. The ETF fell 0.3 percent MTD after surging more than 9 percent in April. Now the question is whether the rally has more legs? Below is an update look at a trade in XLE.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red.
Chart 1.1 – Energy Select Sector SPDR ETF (weekly)
Our “U.S. Market Trading Map” painted XLE bars in green (buy) – see area ‘A’ in the chart. XLE has been on a tear in recent weeks after the early 2018 selloff found support at the 2016 rising trend line…Click here to read more.
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