XLE 77.01: 200-week moving average reverts to resistance
XLE was capped at the 83.66 area (May 5, 2015 high) near 38.2% of the 101.52/71.10 downleg. Subsequent decline over the last 6 weeks broke through the 200-week moving average which reverts to resistance (as shown on the weekly chart). Further weakness opens 73.82 then 71.70. A break below the latter would extend the 12-month downtrend to open 67.77 next. It would take strength back above 78.44 (near 200-week moving average) to relieve and offer scope for 80.84.
Outlook:
Short term: bearish
Long term: bearish
Outlook:
Short term: bearish
Long term: bearish
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.