Energy stocks caught a bid Tuesday after West Texas Intermediate oil futures broke above $75 per barrel for the first time since November 2014. The Energy Select Sector SPDR Fund (XLE) rose 0.4 [percent to 75.12, up 4 percent YTD. 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 Fund (weekly)
Our “U.S. Market Trading Map” painted XLE bars in green (buy) – see area ‘A’ in the chart. After a strong run of outperformance since early April, XLE peaked in late May and trended lower. In fact, trading actions over the past few weeks represented orderly high-level consolidation period…Click here to read more.
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