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SPDR Select Sector Fund - Energy Select SectorSPDR Select Sector Fund - Energy Select SectorSPDR Select Sector Fund - Energy Select Sector

SPDR Select Sector Fund - Energy Select Sector

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XLE trade ideas

LONG XLE Nice long here. XLE broke (purple) triangle bearish but saw no follow through as it got bid up from 35.30 support on 08/27. Huge support between 34.26 & 35.30 with 34.88 being the 50% retracement of Covid low to high of Covid bounce. This support area has held since early May and should continue to hold unless we see a significant sell off in the broader markets. Falling wedge (yellow) coinciding with this support also. Could really see an explosive move here, and accompanied with a hard 34.30 stop Risk/Reward is highly favorable.
AMEX:XLELong
by cduxtrades
8
Energy ETF Is Trying to Turn HigherEnergy stocks were some of the biggest losers of coronavirus. Not only did petroleum demand fall off a cliff in March and April. They’ve also faced a big institutional shift toward ESG investing (electric vehicles and solar energy). But few things last forever in the stock market. The fundamental backdrop for energy has improved as travel and the economy rebounds. (Air and rail traffic have both rebounded to their highest levels of the pandemic, and jobless claims have dropped to their lowest level.) This potential turn could be playing out in the SPDR Energy ETF, which holds big names like Chevron and Exxon Mobil . XLE had a giant spurt higher in June amid optimism about the economy reopening. It then calmed down and has been consolidating since. A few patterns suggest a turn may be coming soon. First, XLE held the mid-May low around $34.30. If the downtrend were going to continue, that level had to give way. But it didn’t. Second, the moving averages have stopped falling. XLE’s 100-day simple moving average (SMA) is now rising. Prices are also pushing up against the 50-day SMA. A breakout through here could get some more attention. Third, prices are squeezing as volatility declines. XLE’s Bollinger Bandwidth is back to the lowest level since the crisis began. That can also indicate direction is changing. This chart has a lot of potential but no clear signal yet. Traders may be looking for another close above the 50-day SMA for confirmation.
AMEX:XLE
by TradeStation
XLE - Market Rotating Into EnergyMarket topping out, oil looks prime for a break out. See $USOIL idea below. Only question is how high can this rally go if the DXY breaks out of its wedge and rips higher? If the energy sector takes off, that could give the green light for other equities to continue rallying, while equities go down. That would imply a stronger-than-recent USD and higher priced equities for the next few months aka higher inflation. Interested to see how this all plays out.
AMEX:XLELong
by cmerged