In pre-market there was some hype surrounding the Doha ‘failure’ to fix prices in oil. Failure? That’s a victory for the free market and it turns out, those of us letting the chart of XLE tell the story on the Energy sector.
We projected and caught the bottom in the Energy Sector long before anyone else that I know of, anyway. Here is just one NFTRH+ post among many gauging the progress toward what ultimately became a buying opportunity using the big picture monthly chart.
That was then, when it was time to call probabilities on the cyclical bear bottom and remind ourselves that XLE is and has been in a secular bull market. This week, per NFTRH 391, what I wanted to see was the daily chart hold the SMA 200, which it broke above last week. So far, despite the hype, it has. That has got to put just a bit of doubt, if not anxiety into energy bears chasing today’s fundamentals.
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