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XLE trade ideas

Two trading scenarios to monitor during FOMC week $XLE reached the final target zone of the last bullish setup I published for it. AB=CD pattern was complete and now the price is testing a daily downtrend line. As we will open FOMC week, the first thing to monitor is where the price is related to 63$ (current resistance structure zone). If it'll be below it, we may see a short term pullback towards 60$ and potentially even to 58$. If it'll close above the trend line, we may see it continue towards the 66$, there it'll meet the 200 days MA. The two potential scenarios are shown in the chart. I'd much rather see $XLE declines to levels that will allow me to buy it before the price's next bullish wave. Tomer, The MarketZone This analysis is part of the Weekly Markets Analysis newsletters To read more interesting technical reviews for the week goo.gl To subscribe to the newsletters - goo.gl Follow my blog - goo.gl Subscribe to my Youtube channel - goo.gl
AMEX:XLE
by themarketzone
Continues to climb towards 60$. This is what you have to watch$XLE continues to climb towards 60$ I was covering $XLE throughout the last month and mentioned the AB=CD pattern completion near 60$ that the price was aiming for. Now, $XLE is struggling with the Fast SMA line that stands in its way and keeping it from reaching 58$ and 60$. My focus now shifts to 59.5$ and 60$ as potential sell zones for a pullback move. I'm still bullish Oil, but 60$ can lead to a 5-10% correction in the Energy sector with the two bearish harmonics combination. Tomer, The MarketZone Follow me on TradingView Subscribe to my newsletters - goo.gl Follow my blog - goo.gl Subscribe to my Youtube channel - goo.gl
AMEX:XLE
by themarketzone
Potential Aggressive C buy - Harmonics setup towards FOMCThe Head and Shoulders pattern I mentioned on my latest analysis for XLE has reached its final target level and now we have an option for an Aggressive Bullish C entry in a bearish Bat pattern (yellow). This setup basically means that you buy the C point in what could turn out to be a bearish Bat pattern, aiming towards the D point (near 80$) as longer term setup. The 65-68$ zone must be considered also as target zone as the price should meet the downtrend line there if indeed it'll rally from the 60$ support zone. Stop loss should be with some safety distance below the A point. In the chart I'm showing an example of 3.5% Risk with potential 10% reward (almost 3 R/R ratio). Despite the potential bullish setup, we don't know that the price indeed intend to rally towards the D point so there's definitely a good chance that $XLE will continue lower and break below 58$ so you have to consider this risk. Tomer, The MarketZone This analysis is part of the Weekly Markets Analysis newsletters To read more interesting technical reviews for the week goo.gl To subscribe to the newsletters - goo.gl Follow my blog - goo.gl Subscribe to my Youtube channel - goo.gl
AMEX:XLELong
by themarketzone