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XLE trade ideas

Energy ETF Is Pushing HighsEnergy stocks have been consolidating as major companies report earnings. Now they could be back in focus with inflation still rising and the economy reopening. The most important feature on the SPDR Energy ETF’s chart is price zone around $56. It was a crucial support area in January 2020 before XLE crashed to a generational low. It was also a peak in June, but the fund has remained above it the last five weeks. Next, prices have shown new support at a higher level around $57. Notice how tests of that line on October 18 and 21 and November 3-4 and 15 were followed by quick bounces. Third, the consolidation period has compressed Bollinger Bandwidth to the lower end of its range. Is XLE ready to start moving again? Finally, notice how the 8-day exponential moving average (EMA) has remained above the 21-day EMA. That shows little selling interest during the recent consolidation phase. TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
AMEX:XLELong
by TradeStation
14
Elliott Wave View: Energy ETF (XLE) Wave 5 In ProgressShort-term Elliott wave view in Energy ETF (XLE) shows a 5 waves impulse structure from August 19, 2021 low. Up from there, wave 1 ended at 49.69 and pullback in wave 2 ended at 46.47. The ETF then extended higher in wave 3 towards 59.41 and pullback in wave 4 is also proposed complete at 57. The 1 hour chart below shows the internal subdivision of wave 4 as a zigzag Elliott Wave structure. Down from wave 3, wave (i) ended at 58.78 and rally in wave (ii) ended at 59.36. Wave (iii) ended at 58.50, rally in wave (iv) ended at 58.94, and final leg lower wave (v) ended at 57.94. This completed wave ((a)) of 4 in higher degree. The ETF then bounced in wave ((b)) of 4 which ended at 58.82. Wave ((c)) of 4 lower completed at 57 with internal subdivision also as a zigzag. The ETF has turned higher in wave 5, but it still needs to break above wave 3 at 59.41 to avoid a double correction. Up from wave 4, wave (i) ended at 57.79, pullback in wave (ii) ended at 57.23, wave (iii) ended at 58.03, wave (iv) ended at 57.75, and wave (v) higher ended at 58.35. This completed wave ((i)) in higher degree. Pullback in wave ((ii)) ended at 57.23. Up from there, wave (i) of ((iii)) ended at 58.62. Near term, while dips stay above 57, expect the ETF to extend higher.
AMEX:XLE
by Elliottwave-Forecast
Short on SPDR Select Sector Fund. XLEThat's right. Short on this one and we are right in a middle of a corrective zigzag on this one. we may have very transient and short upward transient movement, but then that will be followed with an honest conversation with gravity. We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe!
AMEX:XLEShort
by Rykin_Capital
XLE Big move pending?I have not been a fan of Oil for some time, but I can't ignore this price action lately especially after last week close. XLE has cleared a key pivot out of this multi-month consolidation. We may have a perfect storm of reduced production in the new green economy merging with increased demand due to a post covid surge in economic activity. These two factors coupled with the fact green western nations probably wouldn't mind higher pump prices to further push the people out of their ICE vehicles. Just speculation, but last week's surge in XLE interestingly mirrors last weeks move in TSLA. Higher oil/gas prices = more demand for electric vehicles. I would definitely create an interesting dynamic given that electricity costs are also exploding world wide. Something to watch.
AMEX:XLELong
by WadeYendall
1
Energy ETF May Be Squeezing Toward a BreakoutCrude oil and natural gas are rallying this week as traders focus on tighter supplies and the potential for a winter demand spike. It may create an opportunity in the SPDR Energy Fund, which has been left for dead despite the move in physical products. Notice the convergence between the rising 200-day simple moving average (SMA) and the declining 50-day SMA. This creates the potential for a breakout. Next, consider the lows of July 19, August 19 and September 9. These have formed a rounded bottom with support increasingly close to the downward-sloping trend line along the recent highs. Third, XLE's MACD has been steadily rising during this entire consolidation phase. Finally, the 8-day exponential moving average (EMA) has just crossed above the 21-day EMA. That could potentially indicate that short-term momentum is turning more bullish. TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
AMEX:XLELong
by TradeStation