$XLE - Weakness in the Energy Sector Could Bring Stage 4 Decline
The Energy sector is notoriously one of the last to roll over in a recessionary environment and the 
XLE chart appears to be topping out right on queue.
After a euphoric run beginning in the middle of 2020, the Energy sector has stalled out creating a triple top near the $90 level.
With the break of the 200-day moving average, along with an accompanying bearish momentum regime in the RSI, we expect the Energy sector to begin its descent into a Stage 4 decline.
Many individual stocks within the Energy sector look prime for capitulation events and accompanying sector weakness would further aggravate already anemic charts.
PT near 60.
XLE chart appears to be topping out right on queue.After a euphoric run beginning in the middle of 2020, the Energy sector has stalled out creating a triple top near the $90 level.
With the break of the 200-day moving average, along with an accompanying bearish momentum regime in the RSI, we expect the Energy sector to begin its descent into a Stage 4 decline.
Many individual stocks within the Energy sector look prime for capitulation events and accompanying sector weakness would further aggravate already anemic charts.
PT near 60.
We will make you into a better trader in 90 days or your money back. 3+ Years & Counting. Creator of the TTI Trading System. Only Price Pays™ Podcast. Find us on Twitter at @howtoswingtrade for more information or thetradinginitiative.com
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.