The XLE went on a rip your face off rally the last few days. 20 % in 10 days! RSI on the 1 hour reached some pretty over bought levels the past few days. The MACD also crossed over and is heading down. Still above 0 which is bullish but I don't think we will be there tomorrow. That level at 82-83 seems to be a pretty strong level of resistance. I doubt the rally or the energy crisis is going to push it past. To put the icing on the cake for the FIB, we are at a .618 retracement.
Personally I like what I see, especially with the market as a whole very bearish. I think we could see a 7-10 % correction. In the next couple of days. The economic news coming out tomorrow will also play a huge roll in the outcome.
Thanks for reading, trade safe!
Personally I like what I see, especially with the market as a whole very bearish. I think we could see a 7-10 % correction. In the next couple of days. The economic news coming out tomorrow will also play a huge roll in the outcome.
Thanks for reading, trade safe!