XLE (Energy)
In my last my post, I XLE should bounce off 82 and retest is daily 50sma; Since then we've dropped back to 82.
Holding 82 is important for bulls. You Never want to see a Sector lose .236 fib if your a bull... .236 is a reversal fib.
Right below 82 is XLE primary trendline since 2020 lows at 80$. If we break and close below 80 we are looking at bearish reversal with my first target 72$ gap close
If we bounce we still have breakover the most recent downtrend (White line) at around 85.50, if we breakover 85, then it's back to 93$ ...
Chart looks bearish IMO; like we're in final stages of distribution.
There's been RSI divergence since last May
Fib levels are from ATH and All time low
Holding 82 is important for bulls. You Never want to see a Sector lose .236 fib if your a bull... .236 is a reversal fib.
Right below 82 is XLE primary trendline since 2020 lows at 80$. If we break and close below 80 we are looking at bearish reversal with my first target 72$ gap close
If we bounce we still have breakover the most recent downtrend (White line) at around 85.50, if we breakover 85, then it's back to 93$ ...
Chart looks bearish IMO; like we're in final stages of distribution.
There's been RSI divergence since last May
Fib levels are from ATH and All time low
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