Update on XLE: Uptrend test, TA signaling a correction
The ETF's recovery is starting to show its first cracks as we have dropped from Yesterday's highs and closed without an attempt to buy the dip. Volumes were the around the average for the day and the fall could be mostly a result from long covering.
But there are some technicals that suggest we may return back inside the range. RSI and MACD have bearish crossovers and RIS is also below 50. MACD's histogram is going negative.
Current price is sitting on two major supports and today's price action will be an important one. This is an area for caution.
But there are some technicals that suggest we may return back inside the range. RSI and MACD have bearish crossovers and RIS is also below 50. MACD's histogram is going negative.
Current price is sitting on two major supports and today's price action will be an important one. This is an area for caution.
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