XLE trade ideas
XLE / SPYXLE stocks continue to underperform the SPY. Watch the red line closely. It could be a battle ground, but if it breaks it's very bad for Energy Bulls.
The XLE / USO spread has tightened up in recent days---- $USO <<<<<<< After. Looking for more tightening
The YTD trend line in XLE has been your guideWon't be surprised to see another test of that trend line. Short XLE
XLEPrice appears to be basing her above the 50dma...If lost 1st target is 100 day, then the November trend line. The measured move is much bigger. Not sure we're there yet.
XLENotes on chart. Weekly & Daily show conflicting possible patterns. RSI divergence in both, which would provide room for a move to the upside. Level to watch is 81.90.
