One of the noteworthy developments in recent days has been the move in energy stocks. Crude-oil futures tumbled 4% following the reports that the Organization of the Petroleum Exporting Countries and other major producers may lift production by as many as 1 million barrels a day. The Energy Select Sector SPDR ETF (XLE) fell 2.6 percent on Friday, down 4.5 percent for the week. Now the question is whether recent selloff is a pause that refreshes or it’s a beginning of something worse? 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 red (sell) – see area ‘A’ in the chart. Since reaching a multi-year low in early 2016, XLE has been coiled into a triangle pattern. The April rally retested formidable resistance…Click here to read more.
You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.
This is just an example of many successful trades that our member had enjoyed recently. After all, aren’t you glad you subscribed?
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